#QuickBiteCompliance Day 25
Thinking about Bank Secrecy Act (BSA). What is it? Why does it matter?
The primary U.S. anti-money laundering regulatory statute (Title 31, U.S. Code Sections 5311- 5355) enacted in 1970 and most notably amended by the USA PATRIOT Act in 2001. Among other measures, it imposes money laundering controls on financial institutions and many other businesses, including the requirement to report and to keep records of various financial transactions.
#InclusiveRegtech #BankSecrecyAct
Source: https://www.acams.org/en/resources/aml-glossary-of-terms
