BANK SECRECY ACT

Bank Secrecy Act.A federal statute that requires banks and other financial institutions to maintain records of customers’ transactions and to report certain domestic and foreign transactions. • This act, passed by Congress in 1970, is designed to help the federal government in criminal, tax, and other regulatory investigations. 12 USCA § 1829b; 31 USCA § 5311. [Cases: Banks and Banking  16; United States  34. C.J.S. Banks and Banking § 27; United States §§ 162–163.][Blacks Law 8th]