Federal legislation created in 1970 to regulate the type of information that financial institutions must keep track of and report should unlawful actions or transactions be identified. Under this act, any cash transaction over $10,000 that is questioned by the Bank Secrecy Compliance Officer must be reported to the appropriate authorities for further investigation. The goal of the legislation is to limit the places were criminals can conceal funds that were acquired through illegal actions such as money laundering or robbery. This act may also be referred to as the Currency and Foreign Transactions Reporting Act.
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Government legislation that was created in 1970 to prevent financial institutions from being used as tools by criminals to hide or launder their ill-gotten gains.
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