<Li> Passed the House on May 25, 1970 (302 - 0) </Li> <Li> Signed into law by President Richard Nixon on October 26, 1970 </Li> <P> The Bank Secrecy Act of 1970 (BSA), also known as the Currency and Foreign Transactions Reporting Act, is a U.S. law requiring financial institutions in the United States to assist U.S. government agencies in detecting and preventing money laundering . Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, file reports if the daily aggregate exceeds $10,000, and report suspicious activity that may signify money laundering, tax evasion, or other criminal activities . </P> <P> The BSA is sometimes referred to as an anti-money laundering law (AML) or jointly as BSA / AML . </P>

What is one important requirement of the bank secrecy act
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