DOJ-PR-24-102 Prominent Global Cryptocurrency Exchange KuCoin And Two Of Its Founders Criminally Charged With Bank Secrecy Act And Unlicensed Money Transmission Offenses Date: Mar. 26, 2024 Date Accessed: Aug. 12, 2024 Source URL: https://www.justice.gov/usao-sdny/pr/prominent-global-cryptocurrency-exchange-kucoin-and-two-its-founders-criminally Categories: DOJ-2403 BANK SECRECY ACT FLASHDOT LIMITED KUCOIN PEKEN GLOBAL LIMITED PHOENIXFIN PTE LTD PDF Notes: The PDF viewer below disables the […]
Category: Bank Secrecy Act
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.