What does BSA stand for in the context of banking regulations?

The term BSA in the context of banking regulations refers to the Bank Secrecy Act. This legislation, enacted in 1970, is a critical component of the United States' effort to combat money laundering and financial crimes. The BSA requires financial institutions to assist government agencies in detecting and preventing money laundering and other illicit financial activities.

Under the Bank Secrecy Act, banks and other financial institutions are mandated to establish anti-money laundering (AML) programs, maintain certain records, and report specific transactions that may involve criminal activity. This includes filing Currency Transaction Reports (CTRs) for cash transactions over a certain threshold and Suspicious Activity Reports (SARs) for transactions that appear suspicious or unusual.

Understanding the correct definition of BSA is essential for bank tellers and others in the banking sector, as compliance with these regulations is a crucial part of their responsibilities. The other options do not represent any established or relevant legislation related to banking regulations, which solidifies that Bank Secrecy Act is the proper interpretation of BSA.