Bank Secrecy Act

The practice of money laundering is defined by Blacks Law Dictionary as “the act of transferring illegally obtained money through legitimate people or accounts so that its original source cannot be traced.”
This practice is criminalized under the Financial Recordkeeping and Reporting of Currency and Foreign Transactions Act of 1970 (31 U.S.C. 1051 et seq.) or as is often referred to as “The Bank Secrecy Act” (BSA).
In 1986 the BSA was further expanded on to encompass a range of practices money launderers had used to circumvent the law by under the Money Laundering Control Act (18 USC 1956) which assigned criminal liability to an individual, bank, or institution that knowingly assists in the laundering of money or intentionally structures transactions in such a way so as to avoid the reporting requirements.