Banking Secrecy Act (BSA)

Banking Secrecy Act (BSA) is one of the most crucial laws, cryptocurrency businesses should abide by to avoid money laundering. The BSA, also refer to as the Currency and Foreign Transactions Reporting Act, asks the financial institutions to provide them with various reports namely Currency Transaction Reports, Foreign Bank Account Report (FBAR), Currency and Monetary Instrument Report (CMIR), Suspicious Activity Reports and Designation of Exempt Person.

As per the regulation, businesses or organizations have to keep records of all financial transactions, especially transactions of $10,000 or above. Violating the BSA (Banking Secrecy Act) is subject to a criminal fine of up to $250,000 or five years of imprisonment.