SIE Exam Question 1002: Answer and Explanation

Question: 1002

Which of the following acts, also known as the Currency and Foreign Transactions Reporting Act, requires financial institutions to assist U.S. government agencies in detecting and preventing money laundering?

• A. Bank Secrecy Act of 1970
• B. Insider Trading and Securities Fraud Enforcement Act of 1988
• C. National Securities Market Improvement Act of 1996
• D. Sarbanes-Oxley Act of 2002

Correct Answer: A

Explanation:

The Bank Secrecy Act of 1970, also known as the Currency and Foreign Transactions Reporting Act, requires financial institutions to assist U.S. government agencies in detecting and preventing money laundering.