The Currency and Foreign Transactions Reporting Act of 1970, along with its amendments and related statutes, is collectively known as the Bank Secrecy Act (BSA). This Act authorizes the Department of the Treasury to impose reporting and other requirements on financial institutions and businesses to help detect and prevent money laundering. Under BSA regulations, financial institutions must keep records of cash purchases of negotiable instruments, file reports of cash transactions exceeding $10,000 (in aggregate daily), and report suspicious activities that may indicate money laundering, tax evasion, or other criminal activities. The BSA, often referred to as an “anti-money laundering” (AML) law or jointly as “BSA/AML,” is codified at 12 U.S.C. 1829b, 12 U.S.C. 1951-1960, and 31 U.S.C. 5311-5314, 5316-5336, including associated notes.
Read the statutes here: BSA statutes