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Banking Law Keyed to Carnell, 7th Ed.
California Bankers Association v. Shultz
Citation:
416 U.S. 21 (1974)Facts
The Bank Secrecy Act of 1970 was enacted following congressional hearings on the unavailability of bank records needed for criminal, tax, and regulatory investigations. The Act addressed two main concerns: (1) the need for domestic banks to maintain adequate records of financial transactions, and (2) the widespread use of foreign financial institutions to evade U.S. laws. Title I of the Act authorized the Secretary of the Treasury to require financial institutions to maintain records of customer identities and transactions, including copies of checks exceeding $100. Title II authorized the Secretary to require reports of foreign currency transactions exceeding $5,000 and domestic currency transactions exceeding $10,000. Various banks, banking associations, and bank customers challenged the constitutionality of these provisions under the First, Fourth, and Fifth Amendments.
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