Bank Secrecy Act - BSA

  

An ominous sounding act, to say the least. Probably has an eerie soundtrack, too.

The Bank Secrecy Act of 1970 (or BSA for short), is a U.S. law requiring U.S. financial institutions to assist U.S. government agencies detect and prevent money laundering. The intent of the BSA, therefore, is the opposite of secrecy. The intent is transparency.

Under the BSA, financial institutions must:

- Keep records of cash purchases of negotiable instruments,

- File reports of cash transactions exceeding $10,000 (daily aggregate amount), and

- Report suspicious activity that might signal criminal activity (e.g., money laundering, tax evasion)

An amendment to the BSA requires every bank to adopt a customer identification program as part of its BSA compliance program.
The Act is also known as the Currency and Foreign Transactions Reporting Act.

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Finance: What is Electronic Communicatio...12 Views

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Finance a la shmoop what is the electronic communication network or ECN?

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traders can plug in to a network to trade stocks you know think about it

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like Facebook for stock traders only with less political ranting and fewer

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photographs of babies and freshly cooked meat generally well generally speaking [A pan of meat and potato's appear]

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of the other blessed exchanges they connect market makers directly to third

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parties allowing them to trade to their heart's content there aren't a lot of

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actual physical hands at work here most of the limit orders are matched

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electronically the network charges its fee the transaction is processed and [Company share price appears]

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life moves on so think about it like it's 2:00 a.m. on a Saturday and Joe who

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likes to trade in his underwear don't ask us why it's just dying to sell a [Joe sits down at PC]

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conditioner yeah well no sweat so this is perfect for anyone who wants to

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