What is the primary purpose of the BSA?

The primary purpose of the Bank Secrecy Act (BSA) is to prevent money laundering and the financing of terrorism. The BSA was enacted to help detect and deter criminal financial activities, thereby enhancing the United States' ability to combat financial crimes. It requires financial institutions to maintain certain records and file reports that can be used by law enforcement to track illegal activities, such as money laundering or terrorist financing.

By imposing these requirements, the BSA serves as a crucial tool for regulatory authorities and law enforcement agencies, facilitating the identification of suspicious transactions and potentially illegal activity. This proactive approach aims to protect the integrity of the U.S. financial system.

While increasing tax revenue and promoting economic growth are important national goals, they are not the direct focus of the BSA. The regulation of interest rates, on the other hand, is primarily a function of monetary policy rather than anti-money laundering efforts. Thus, these options do not align with the BSA's core mission of combating financial crime.