Zeldar wrote:
reverse wrote:
BSA has no bearing on giving out information on an account. There are privacy issues, but that has nothing to do with BSA.
Then how come everytime we do call to verify a check with a bank they claim they can't give out the information because of BSA. The privacy issues are tied in with BSA.
I am a BSA officer, you are talking Consumer Privacy laws, here is the BSA in a nutshell:
The Bank Secrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Transactions Reporting Act) requires U.S.A. financial institutions to assist U.S. government agencies to detect and prevent money laundering. Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, file reports of cash transactions exceeding $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities. It was passed by the Congress of the United States in 1970. The BSA is sometimes referred to as an "anti-money laundering" law ("AML") or jointly as “BSA/AMLâ€. Several anti-money laundering acts, including provisions in title III of the USA PATRIOT Act, have been enacted up to the present to amend the BSA.
BSA looks for money laundering and terrorist financing.