{"ok":true,"canonical_url":"https://dealroom.so/glossary/bank-secrecy-act","api_url":"https://dealroom.so/api/public/glossary/bank-secrecy-act","data_freshness":{"sba_records_through":"2026-05-31","fdic_records_through":"2026-03-31","dealroom_last_updated":"2026-06-15","timezone":"America/Chicago"},"source_summary":["Public SBA 7(a) loan records","FDIC institution data","DealRoom lender and franchise enrichment"],"term":{"slug":"bank-secrecy-act","term":"Bank Secrecy Act","aka":"BSA","group":"People and paperwork","definition":"The BSA is a federal law requiring financial institutions to assist U.S. government agencies in detecting and preventing money laundering. It mandates recordkeeping and reporting of certain transactions.","what_it_means":"Your SBA lender is subject to the BSA and will require extensive documentation regarding your identity and the source of your funds to comply. Expect thorough scrutiny of your equity injection and personal financial statements as part of their due diligence.","url":"https://dealroom.so/glossary/bank-secrecy-act","official_sources":[{"slug":"sop-50-10","title":"SOP 50 10 — Lender and Development Company Loan Programs","official_url":"https://www.sba.gov/document/sop-50-10-lender-development-company-loan-programs","official_label":"View on SBA.gov","authority_tier":2,"publisher":"U.S. Small Business Administration","source_guide_url":"https://dealroom.so/sba-7a/sources/sop-50-10"}],"related":[{"slug":"anti-money-laundering","term":"Anti-Money Laundering","url":"https://dealroom.so/glossary/anti-money-laundering"},{"slug":"due-diligence","term":"Due diligence","url":"https://dealroom.so/glossary/due-diligence"},{"slug":"personal-financial-statement","term":"Personal financial statement","url":"https://dealroom.so/glossary/personal-financial-statement"},{"slug":"equity-injection","term":"Equity injection","url":"https://dealroom.so/glossary/equity-injection"}],"related_questions":[{"question":"Can my personal savings account act as collateral for an SBA 7(a) loan?","url":"https://dealroom.so/sba-loans/basics/can-my-personal-savings-account-act-as-collateral-for-an-sba-7-a-loan"},{"question":"What percentage of the loan does the SBA actually guarantee to the bank?","url":"https://dealroom.so/sba-loans/basics/what-percentage-of-the-loan-does-the-sba-actually-guarantee-to-the-bank"},{"question":"What does the SBA's \"guarantee\" actually mean for the bank providing the loan?","url":"https://dealroom.so/sba-loans/basics/what-does-the-sba-s-guarantee-actually-mean-for-the-bank-providing-the-loan"},{"question":"What specific actions constitute an 'unapproved material servicing action' that could lead to a 7(a) guaranty repair or denial?","url":"https://dealroom.so/for-lenders/questions/what-specific-actions-constitute-an-unapproved-material-servicing-action-that-could-lead-t"},{"question":"Does the SBA 7(a) loan program require me to use a specific bank or can I choose any bank?","url":"https://dealroom.so/sba-loans/basics/does-the-sba-7-a-loan-program-require-me-to-use-a-specific-bank-or-can-i-choose-any-bank"},{"question":"Can cash in the business bank account count as collateral?","url":"https://dealroom.so/sba-loans/basics/can-cash-in-the-business-bank-account-count-as-collateral"}]},"caveats":["Definitions represent DealRoom's plain-English interpretation for buyers; verify regulatory terms against the official SBA and eCFR sources listed.","Not legal, tax, or financial advice, and not an SBA eligibility determination."],"citation":{"label":"DealRoom.so Glossary — Bank Secrecy Act","url":"https://dealroom.so/glossary/bank-secrecy-act","source_type":"DealRoom Data"}}