BSA

Question 1

Which act requires US financial institutions to assist US government agencies to detect and prevent money laundering?

Answer 1

The Bank Secrecy Act (BSA)

Question 2

Name three requirements that BSA requires financial institutions to do.

Answer 2

1. Keep records of cash purchases of a negotiable instruments
2. File reports of cash transactions exceeding $10,000 (daily aggregate amount)
3. To report suspicious activity that might signify money laundering, tax evasion, or other criminal activities.

Question 3

AML

Answer 3

Anti-money-laundering law

Question 4

SAR

Answer 4

Suspicious activity report

Question 5

FinCEN

Answer 5

Financial crimes enforcement network