Bank Secrecy Act, The
A U.S. federal law that requires U.S. financial institutions and money services businesses (MSBs), which are entities that sell money orders or provide cash transfer services, to record, retain and report certain financial transactions to the federal government. This requirement is meant to assist the government in the investigation of money laundering, tax evasion, terrorist financing and various other domestic and international criminal activities.
Reference(s) in IAPP Certification Textbooks: US72-74; G103-105
Associated term(s): Financial Record Keeping and Reporting Currency and Foreign Transactions Act of 1970