The Internal Revenue Service announced agreements with 33 states and Puerto Rico to begin sharing information to ensure that money services businesses are complying with laws to report unusual cash transactions and other suspicious activities.

Passed in 1970, the Bank Secrecy Act requires financial institutions to help the government prevent money laundering by keeping records on customers' cash purchases of negotiable instruments, file reports of daily cash transactions exceeding $10,000 and to report suspicious activity.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access