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The Bank Secrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Transactions Reporting Act) requires financial institutions to assist U.S. government agencies to detect and prevent money laundering. Specifically, the Act requires financial institutions to keep records of cash purchases of negotiable instruments, to file reports of cash transactions exceeding $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities. The BSA was passed by Congress in 1970 and is sometimes referred to as an"anti-money laundering" law (AML), or jointly as BSA/AML.
This professional development online course will provide an overview of the requirements imposed on those persons subject to the Anti-Money Laundering Law, including information relating to currency transaction reports, suspicious activity reports, and customer identification programs.