Back in 1970, Congress enacted a law that became known as the Bank Secrecy Act, or BSA. But like the PATRIOT Act, the USA Freedom Act, and many other opaquely named laws Congress enacts, the BSA had nothing to do with encouraging bank secrecy. Indeed, perhaps more than any other law enacted by Congress, in its 45-year history, the BSA has effectivelyended bank secrecy worldwide. As with other laws Congress executes, the BSA requires that individuals and companies file various forms with the government. And penalties for non-compliance are heavy – staggering, in some instances. Take for instance, the Report … Continue reading →