The Bank Secrecy Act (BSA) is a U.S. federal law enacted to combat money laundering and other financial crimes. Under the BSA, financial institutions are required to establish and maintain anti-money laundering (AML) programs, report certain transactions, and keep records of customer information. Compliance with the BSA is crucial for identifying and reporting suspicious activities to government authorities. Failure to comply with BSA regulations can result in significant penalties for financial institutions.
