asked 184k views
2 votes
In what act were the basic principles of detecting and reporting suspicious activity first codified

asked
User Kalmar
by
8.6k points

1 Answer

3 votes
I believe the answer is The bank secrecy Act.
Prior to this act, the government cannot (under any circumstances) force banks to Record information about any transactions made by certain organizations/individuals.
This act force the banks to made the record if the amount surpasses $10,000 in order to prevent money laundering.

answered
User Borph
by
8.1k points
Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.