The Bank Secrecy Act of 1970 (BSA) requires U.S financial institutions to assist U.S. government agencies in the detection and prevention of 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, and to report suspicious activity that might signify money laundering or other criminal activities. This act was one of the first Federal regulations requiring that financial institutions keep a thorough record of each customer that they do business with. Since the merchant accounts are opened by an individual representing an organization, Silver State Payments requires personal contact information on the signer of each one of our merchant accounts.
