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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 in the United States to assist U.S. government agencies to detect and prevent money laundering.
DEFINITION of 'Bank Secrecy Act-BSA'. 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.he BSA has a list of exceptions that do not require documentation. Government departments/agencies and companies listed on the major North American exchanges are two examples of exempt parties.