Trading, Accounts & Prohibited ActsQuestion 264 of 398
The Bank Secrecy Act (BSA) and related anti-money-laundering rules primarily require financial firms to do what?
a.Detect, prevent, and report money laundering and other suspicious financial activity
b.Guarantee customers a minimum rate of return
c.Insure customer deposits against market losses
d.Register every stock trade with the IRS
Explanation
The BSA is a cornerstone of U.S. anti-money-laundering law. It requires firms to maintain AML programs, verify customer identity, keep records, and file reports such as SARs and CTRs to help detect and prevent money laundering and terrorist financing.
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