BSA

BSA stands for the Bank Secrecy Act, a U.S. law requiring financial institutions to assist government agencies in detecting and preventing money laundering. It mandates the reporting of certain financial transactions and the maintenance of records.

Why it’s in the news: It is in the news due to significant enforcement actions, including record fines for violations and its use in linking financial filings to large-scale fraud schemes.

Latest on BSA

• American Express hit with $350M penalty for lax BSA/AML compliance program
• Financial institutions’ BSA filings linked to $17.5B in possible health fraud, FinCEN finds
• CBSA finds 385 kilos of cocaine in commercial truck at US-Canada border
• UBS hit with record $125M civil penalty for ‘willful’ BSA violations

Connections

5 entities linked to BSA across the news graph.