The Bank Secrecy Act (BSA) has long been a cornerstone of financial regulation in the United States. Congress first passed the Bank Secrecy Act in 1970 as the first laws to fight money laundering in the United States. Originally targeting insured banks, its scope has widened over the years, now encompassing a broad category of entities termed “financial institutions.” This expansion, while seemingly straightforward, raises significant constitutional and legal questions. The BSA grants the Secretary of the Treasury sweeping powers, including the ability to expand or narrow the range of entities under surveillance and to exempt certain parties from obligations.

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