Enacted in 1970, the BSA requires financial institutions in the United States, including banks, credit unions, and other entities, to assist government agencies in detecting and preventing money laundering. This is primarily achieved through the filing of reports, such as Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs), which detail transactions that appear suspicious or unusual. The BSA is a critical part of the U.S. government's efforts to maintain the integrity of the financial system and to curb illicit financial activities.