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IAPP CIPP/US Practice Exam

Category - Professional

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Metaverse Bank becomes suspicious of a customer’s cash transactions. The customer has made cash deposits exceeding $230,000. Regulators have requested documentation relating to the transactions. Which of the following permits the financial institution to provide the documentation?

GLBA
BSA
Dodd-Frank Wall Street Reform
FCRA

Explanation

Answer: B - The Bank Secrecy Act (BSA) was created in 1970 to prevent criminals from hiding criminal laundering activity and ill-gotten gains from such activity. A financial institution is permitted to disclose documentation related to suspicious activity to regulators when suspicious cash transactions exceed $10,000.

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