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The Bank Secrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Transactions Reporting Act) requires financial institutions in the United States to assist U.S. government agencies to detect and prevent money laundering.
FBAR Authorities. 1  The requirement to report foreign bank and financial accounts was added to the United States Code (USC) in 1970 as part of the Currency and Foreign Transactions Reporting Act of 1970 , which came to be known as the Bank Secrecy Act or BSA..