Which of the following businesses would be eligible to be an exempt person under the requirements of the Bank Secrecy Act?

Question

Quizplus · Accepted Answer

Under the requirements of the Bank Secrecy Act, only certain types of businesses are eligible for exempt status. These include government entities, certain financial institutions, and certain retail and service businesses with low levels of cash transactions. Al Williams Seafood Restaurant may qualify as a retail or service business with low levels of cash transactions, but the other businesses listed (used car dealer, recreational boat dealer, aircraft distributor) are unlikely to meet the criteria for exemption.

Which of the Following Businesses Would Be Eligible to Be