In the context of the BSA, what is necessary for verifying a purchaser's identity?

In the context of the Bank Secrecy Act (BSA), verifying a purchaser's identity primarily requires specific identifying information. This information typically includes the individual's name, date of birth, address, and government-issued identification number (such as a Social Security number or driver's license number). The BSA mandates that financial institutions implement measures to verify customers' identities to help prevent financial crimes such as money laundering and fraud.

While factors like credit history, proof of residence, or employment verification could provide additional context about a customer, they do not serve as the foundational elements required by the BSA for identity verification. The focus on specific identifying information aligns directly with the objectives of the BSA, which seeks to ensure that financial institutions can accurately identify their customers and report suspicious activities appropriately.