Bank Secrecy Act AML Law

The Bank Secrecy Act (BSA), adopted in 1970, is the foundation of the United States’ anti-money laundering (AML) and counter-terrorist financing (CTF) regime. It requires financial institutions to help detect and prevent money laundering, terrorism financing, and other illicit financial activities through record-keeping and mandatory reporting.The law applies to banks, credit unions, money services businesses (MSBs), casinos, securities and investment firms, insurance companies, fintechs, and other financial intermediaries operating in or serving the U.S. market.