Bank Secrecy Act

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The Bank Secrecy Act of 1970 (BSA), also known as the Currency and Foreign Transactions Reporting Act, is a U.S. law requiring financial institutions in the United States to assist U.S. government agencies in detecting and preventing money laundering. Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, file reports if the daily aggregate exceeds $10,000, and report suspicious activity that may signify money laundering, tax evasion, or other criminal activities. Notably, any individual leaving or entering the United States with $10,000 or more in currency must report it to Customs and Border Protection (CBP). This threshold has never been adjusted for inflation since 1970, which would be equivalent to $82,905 in 2025. The BSA is sometimes referred to as an anti-money laundering law (AML) or jointly as BSA/AML.