What is the primary goal of the Bank Secrecy Act (BSA)?

The primary goal of the Bank Secrecy Act (BSA) is to ensure that financial institutions play an active role in detecting and preventing money laundering and other financial crimes. The BSA mandates that banks and other financial entities implement specific measures to monitor and report suspicious activities, thereby facilitating the identification and prosecution of illegal activities, including money laundering and fraud. This involves maintaining certain records and reporting transactions that exceed specified thresholds, which helps law enforcement agencies track suspicious activities and maintain the integrity of the financial system.

The other options do not align with the central purpose of the BSA. Promoting international banking is not a focus of the BSA; rather, it concentrates on domestic regulatory compliance related to financial crime. Increasing customer awareness of banking products and regulating interest rates fall outside the scope of the BSA's mission, as these topics pertain more to consumer education and monetary policy respectively, rather than the anti-money laundering efforts the BSA addresses.