Which of the following is an intent of the Bank Secrecy Act?
a. To create international standards that strengthen global capital and liquidity rules with the goal of promoting a more resilient banking sector
b. To strengthen computer and network security within the U.S. federal government and affiliated parties by mandating yearly audits
c. To detect and prevent money laundering by requiring financial institutions to report certain transactions to government agencies.
d. To protect against identity theft by imposing disclosure requirements for businesses and government agencies that experience security breaches that might put the personal information of California residents at risk
c. To detect and prevent money laundering by requiring financial institutions to report certain transactions to government agencies.
The intention of the Bank Secrecy Act is to detect and prevent money laundering by requiring financial institutions to report certain transactions to government agencies. It also withholds from clients that such reports were filed about them.
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