Bank Secrecy Act

(redirected from Bank Secrecy Act of 1970)

Bank Secrecy Act

United States legislation, enacted in 1970, that mandates greater disclosures by banks on transfers of money. Specifically, it requires banks to file reports on purchases of negotiable instruments (like commercial paper) for more than $10,000 if they are bought with cash. It also requires banks to inform the federal government of suspicious activities by account holders. The Bank Secrecy Act is intended to prevent money laundering. See also: Anti-Money Laundering Law.
References in periodicals archive ?
Bank Secrecy Act of 1970 gave the Department of Treasury the authority to collect information from U.
31 for a majority equity partner, agree to maintain the authority and responsibility structure for Foxwoods Massachusetts presented at the hearing, waive in writing sovereign nation status for the Massachusetts casino, identify an independent compliance committee, receive approval for any changes in ownership or management, and comply with the federal Bank Secrecy Act of 1970.
Since the enactment of the Bank Secrecy Act of 1970, banks have been required to develop sophisticated systems that allow them to quickly determine the identities of their clients and the sources of their funds.
In particular, the USA Patriot Act extended banks' regulatory compliance by amending the Bank Secrecy Act of 1970.
In the context of money laundering, casinos are required by the Bank Secrecy Act of 1970 and the USA-Patriot Act of 2001 to report both large currency transactions and suspicious monetary transactions.
The Bank Secrecy Act of 1970 authorized the Secretary of the U.