The primary function of the Bank Secrecy Act (BSA) is the ______ of money laundering.

Question

Quizplus · Accepted Answer

The primary function of the Bank Secrecy Act is both prevention and detection of money laundering. It requires financial institutions to report suspicious activity, maintain records, and implement anti-money laundering procedures to prevent and detect money laundering activities. The act does not focus on punishment directly but rather on preventing and detecting illegal activities.

The Primary Function of the Bank Secrecy Act (BSA) Is