In 1970, Congress passed the Bank Secrecy Act. At the time, the BSA was the first legislation created to specifically fight money laundering in the United States. The BSA requires businesses to keep records and file reports that are determined to have a high degree of usefulness in criminal, tax and regulatory matters.
Since its inception, the BSA remains the primary U.S. anti-money laundering, or AML, law, but it has been amended, updated, and refined, particularly since the 9-11 attacks, to help law enforcement to better detect, deter and disrupt the financing of terrorist networks.
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