Bank Secrecy Act Basics: 01. Overview of the Bank Secrecy Act

Congress passed the Bank Secrecy Act in 1970 with the intent to combat money laundering in the U.S. Throughout the years, several additional regulations have passed to continue this mission. This collective group of laws that outline the bank's obligations to prevent money laundering are commonly known as BSA/AML, which refers to Bank Secrecy Act and Anti-Money Laundering. In this course, we'll talk about how the history of the Bank Secrecy Act and how it has evolved. We'll discuss who the BSA/AML regulations apply to and who is in charge of enforcing these laws.