👉 The Billions in Accountability Act (BIA) is a proposed U.S. federal legislation aimed at enhancing financial transparency and accountability, particularly concerning large financial transactions and offshore accounts. Enacted at the federal level, this act would require financial institutions to maintain detailed records of billions of dollars in transactions, including those involving foreign entities, to prevent money laundering, terrorist financing, and other financial crimes. The bill also mandates regular reporting and public disclosure of these transactions to Congress and the public, aiming to increase oversight and deter illicit financial activities. By imposing stringent reporting requirements and penalties for non-compliance, the BIA seeks to strengthen the integrity of the financial system and protect national economic interests.
