The Bank Secrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Transactions ReportingAct) requires financial institutions in the United States to assist U.S. government agencies to detect and prevent money laundering.
The Foreign Account Tax Compliance Act, requires foreign financial institutions to start reporting detailed information about U.S. account holders to the Internal Revenue Service in coming years.
New reporting requirements that stock exchanges have ordered in response to high-profile scandals, together with tougher auditing standards under the Sarbanes-Oxley Act, have pushed boards and managers to become far more diligent in reporting accurate financial information.