Bank Secrecy Act (BSA)
The Bank Secrecy Act (BSA), also known as the Currency and Foreign Transactions Reporting Act, aims to prevent financial institutions from laundering money, either willfully or through force during a cyberattack.
Is Complying with BSA Mandatory?
Compliance with the BSA is mandatory for institutions accepting money from customers including any received or given resulting in the transfer of currency or other monetary instruments, funds, checks, investment securities, or credit, of more than $10,000 to or from any person, account, or place outside the U.S. This requirement also applies to transactions later canceled.
What are the penalties for not complying with BSA?
An individual or bank employee found guilty of willfully violating the BSA could be fined up to $250,000 and jailed for up to five years.