Bank-secrecy-act Definition

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A federal law requiring banks to report cash transactions that are over $10,000. The law also increases the record keeping that banks have to undertake, and was passed with the purpose of cracking down on money laundering of funds received through illegal means. Banks must designate an employee as a Bank Secrecy Compliance Officer. Complying with the Bank Secrecy Act is this person’s responsibility.
Webster's New World Finance

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