Under theBank Secrecy Act(BSA), financial institutions are required to assist U.S. government agencies in detecting and preventing money laundering, such as:

• Keep records of cash purchases of negotiable instruments,
• File reports of cash transactions exceeding $10,000 (daily aggregate amount), and
• Report suspicious activity that might signal criminal activity (e.g., money laundering, tax evasion)

Discuss the Bank Secrecy Act (BSA), what is it, what does it apply to, why it is important to those in Financial professions.