The Bank Secrecy Act (BSA) requires U.S. financial institutions to assist government agencies in detecting and preventing money laundering. It mandates reporting and record-keeping requirements for certain financial transactions. For procurement and supply chain professionals, understanding BSA is essential to managing compliance and anti-money laundering (AML) risks. Compliance with BSA supports the detection of illicit activities, enhances financial transparency, and protects the integrity of the financial system.
For more detailed information, view the Office of the Comptroller of the Currency.