Main Page | See live article | Alphabetical index A Bank Secrecy Act was passed by the Congress of the United States in 1970. The term bank secrecy act is somewhat of a misnomer. The law, and subsequent regulation, requires banks to actually reveal certain transactions, and not keep them secret. These transactions include deposits or withdrawals of more than $10,000 in cash in a day, or purchase of monetary instruments (money orders, cashiers checks, travelers checks) with more than $3000 of cash. For such transactions, the bank must report certain information about the person doing the transaction, such as address and occupation in a currency transaction report (or CTR). If it appears the person is doing something to try and get around the report, the Bank must do the same report, this time titled a "suspicious activity report". This article is from Wikipedia. All text is available under the terms of the GNU Free Documentation License.