The Bank Secrecy Act (BSA), enacted in 1970, is a law in the United States designed to combat financial crime, particularly money laundering and terrorism financing. The BSA is also known as an anti-money laundering (AML) law. It mandates financial institutions to maintain detailed records of transactions and report suspicious activities to regulatory authorities. Under the BSA, banks must file Currency Transaction Reports (CTRs) for cash transactions exceeding $10,000 and Suspicious Activity Reports (SARs) when they detect potential illegal activities. The law also requires institutions to implement AML programs, ensuring they have processes in place to identify and mitigate risks associated with financial crime. The BSA serves as a foundational framework for safeguarding the financial system by promoting transparency and accountability, helping regulators and law enforcement trace illicit financial flows and prevent financial crime.