The Bank Secrecy Act (“BSA”) establishes program, recordkeeping, and reporting requirements for certain financial institutions to combat and detect money laundering, terrorist financing, and other ...
The Nixon administration decided to start tackling financial fraud at the banking level. The government needed cooperation from the banks to catch money launderers, drug dealers, and other bad actors.
Deposits of over $10,000 are reported to the federal government -- but that doesn't mean you're in trouble. Be honest with your bank and don't try to avoid these reports. Make sure your bank even ...
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