The Bank Secrecy Act of 1970 required banks and other financial institutions to practice due diligence.

Name: The Bank Secrecy Act of 1970 required banks and other financial institutions to practice due diligence.
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The Bank Secrecy Act of 1970 primarily required financial institutions to keep records and report certain transactions to prevent money laundering, but the concept of due diligence was more formally introduced later with laws like the USA PATRIOT Act.

The Bank Secrecy Act of 1970 Required Banks and Other