Which of the following laws requires financial institutions to deter funding of crimes by tracking and reporting suspicious transactions?

Question

Quizplus · Accepted Answer

The law that requires financial institutions to deter funding of crimes by tracking and reporting suspicious transactions is the USA Patriot Act. The other options listed do not specifically relate to this requirement. The Check Clearing for the 21st Century Act is focused on modernizing the check collection process, the Bank Secrecy Act requires financial institutions to keep records and file reports related to certain financial transactions, the Federal Reserve Act establishes the Federal Reserve System, and the Emergency Economic Stabilization Act established the Troubled Asset Relief Program (TARP) to address the 2008 financial crisis.

Which of the Following Laws Requires Financial Institutions to Deter