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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.
The Bank Secrecy Act affects any business that deal with a transaction or series of transactions for more than $10,000. If a customer buys an item such as a $12,000 boat or a $15,000 antique with cash, the dealer has to report the sale.