bank secrecy act (bsa)

What are the Key Requirements under the BSA?

Among the key requirements of the BSA are:
Currency Transaction Reports (CTR): Financial institutions must report transactions exceeding $10,000.
Suspicious Activity Reports (SAR): Financial institutions must report any suspicious activities that might signify money laundering or fraud.
Recordkeeping: Institutions must maintain records of certain financial transactions and customer information for a specified period.
Compliance Programs: Financial institutions must develop and implement an effective BSA/AML compliance program.

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