In 1970,in response to increasing reports of people bringing bags full of illegally obtained cash into banks for deposit,Congress enacted the statute commonly referred to as which act?

Question

In 1970,in response to increasing reports of people bringing bags full of illegally obtained cash into banks for deposit,Congress enacted the statute commonly referred to as which act?​

Quizplus · Accepted Answer

The Bank Secrecy Act of 1970 (BSA), also known as the Currency and Foreign Transactions Reporting Act, was enacted in response to increasing reports of people bringing bags full of illegally obtained cash into banks for deposit. The BSA requires financial institutions to keep records of certain transactions and report suspicious activity that may signify money laundering or other criminal activities.

In 1970,in Response to Increasing Reports of People Bringing Bags