QuestionAugust 12, 2025

True or False? If a customer deposits 9,500 on several different occasions but upon inquiry, the customer gives a reasonable explanation for why they are depositing that amount of cash, there is no need to bring this to the BSA Officer's attention. Choose the best answer. True False

True or False? If a customer deposits 9,500 on several different occasions but upon inquiry, the customer gives a reasonable explanation for why they are depositing that amount of cash, there is no need to bring this to the BSA Officer's attention. Choose the best answer. True False
True or False? If a customer deposits 9,500 on several different occasions but upon inquiry, the customer gives a
reasonable explanation for why they are depositing that amount of cash, there is no need to bring this to the BSA
Officer's attention.
Choose the best answer.
True
False

Solution
4.2(274 votes)

Answer

False Explanation Under the Bank Secrecy Act (BSA), financial institutions are required to report suspicious activities, including large cash deposits. Even if a customer provides a reasonable explanation, it is still necessary to report such transactions to ensure compliance with regulations.

Explanation

Under the Bank Secrecy Act (BSA), financial institutions are required to report suspicious activities, including large cash deposits. Even if a customer provides a reasonable explanation, it is still necessary to report such transactions to ensure compliance with regulations.
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