What is the Bank Secrecy Act and how does it affect my foreign-owned LLC?
I recently formed a single-member LLC in Delaware as a non-resident from the UK. My accountant mentioned something about the 'Bank Secrecy Act' and said I need to be aware of it as a foreign owner. I thought this was only for banks? My LLC is an e-commerce business selling digital products. Does BSA really apply to me, or is my accountant being overly cautious? I want to understand what obligations I actually have before I start processing payments through my U.S. bank account.
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