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The Bank Secrecy Act (BSA), also known as the Currency and Foreign Transactions Reporting Act, is a U.S. federal law enacted in 1970 aimed at combating money laundering, tax evasion, and other financial crimes. It requires financial institutions to keep detailed records of cash transactions over $10,000, report suspicious activities that might indicate illegal activities, and maintain anti-money laundering programs. The BSA mandates that institutions file reports such as the Currency Transaction Report (CTR) and Suspicious Activity Report (SAR) to the Financial Crimes Enforcement Network (FinCEN). By imposing these requirements, the BSA seeks to enhance the transparency of financial transactions and assist in the detection and prevention of financial crimes.