BSA Flashcards
1
Q
What is the purpose of the Bank Secrecy Act? What organization enforces it?
A
To prevent money laundering by requiring financial institutions to submit a Suspicious Activity Report (SAR) whenever a red flag behavior is identified.
FinCEN - Financial Crimes Enforcement Network
2
Q
Under the BSA, companies are required to develop policies, keep records and file a Currency Transaction Report with the IRS for cash purchases exceeding how much in one day?
A
$10,000
