BSA stands for the Bank Secrecy Act. It’s also known as the Currency and Foreign Transactions Reporting Act. This U.S. law requires financial institutions to keep certain records and file specific reports that could be helpful to detect and prevent money laundering or other financial fraud.
Compliance with BSA involves implementing cybersecurity measures to securely manage customer data and transaction records. This includes data encryption, access controls, and regular security audits to ensure the confidentiality and integrity of financial information.