The Bank Secrecy Act requires banks to hold all account information in strictest confidence.

Name: The Bank Secrecy Act requires banks to hold all account information in strictest confidence.
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Question

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The Bank Secrecy Act primarily requires banks to report certain transactions to the government, such as cash transactions over $10,000, and to keep records that could be helpful in tax evasion or money laundering investigations, rather than keeping all account information in strictest confidence.

The Bank Secrecy Act Requires Banks to Hold All Account