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29 January 2010

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Smith

The current banking law has implemented a new Act, the Bank Secrecy Act, where the Bank is required to aid government agencies to make note of and prevent money laundering. The act requires all banks and financial institutions to keep an account of cash purchases of unfixed instruments, file reports of cash dealings exceeding $10,000, and to report doubtful activity that might indicate money laundering, tax elusion, or other criminal actions.

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