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Bank Secrecy Act |
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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. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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