True or False: A transaction should still be allowed if the purchaser cannot provide the required information at the time of the transaction.

In BSA compliance, it is essential for institutions to collect and verify certain information about individuals involved in transactions to prevent money laundering and other illicit activities. If a purchaser cannot provide the required information at the time of the transaction, it raises significant red flags regarding the legitimacy of the transaction. Allowing the transaction to proceed under such circumstances could expose institutions to risk and violate regulatory obligations.

When a transaction is initiated, the inability of a purchaser to provide necessary information could hinder the institution's ability to perform due diligence and conduct a proper risk assessment. This is especially critical in meeting the requirements outlined by the Bank Secrecy Act and maintaining compliance with Anti-Money Laundering regulations.

Therefore, it is crucial to deny the transaction until the required information can be obtained and verified, ensuring adherence to compliance standards and protecting the integrity of the financial system.