Which of the following is a specific criterion for non-listed businesses under Phase II?

The correct answer highlights a specific criterion for determining non-listed businesses under Phase II regulations of the Bank Secrecy Act (BSA). Frequently engaging in transactions exceeding $10,000 is critical because such transactions can trigger greater scrutiny under BSA compliance measures. These transactions are significant indicators of potential money laundering or other financial crimes, as they may warrant suspicion or necessitate a report to financial authorities.

In the context of Phase II, which involves categorizing businesses beyond just the listed or high-risk entities, identifying those that conduct frequent high-value transactions becomes essential for effective compliance oversight and monitoring for suspicious activities. Recognizing patterns in transaction sizes helps financial institutions assess risk profiles and apply enhanced due diligence for those businesses.

The other options do not align with the specific criteria set forth for non-listed businesses under Phase II. Publicly listed status does not affect the classification of non-listed businesses. Not maintaining a bank account or engaging only in online transactions are also not definitive criteria in this context. Thus, understanding the emphasis on frequent high-value transactions reinforces the importance of monitoring financial activities in compliance with the BSA.