What does BSA stand for in financial crime compliance?

• A. Banking Standards Act
• B. Basic Standards Act
• C. Bank Secrecy Act
• D. Bureau of Security Administration

Answer: (C)

The main concept is recognizing what the acronym BSA refers to in the context of financial crime compliance. In the U.S., BSA stands for Bank Secrecy Act, a law enacted to help detect and prevent money laundering and other financial crimes. It guides banks and other financial institutions to keep appropriate records and file specific reports, such as currency transaction reports for large cash transactions and suspicious activity reports for unusual or potentially illicit behavior. This acts as the foundation for anti-money-laundering programs, customer due diligence, and ongoing monitoring.

The other options don’t align with the well-known law used in financial crime compliance. They aren’t recognized acronyms for this domain, whereas Bank Secrecy Act is the established term used by regulators and professionals.