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

The primary purpose of the Bank Secrecy Act (BSA) is to prevent criminals from misusing financial institutions to hide or launder money. The BSA requires financial institutions to implement and maintain anti-money laundering (AML) programs that include customer identification, record-keeping, and reporting suspicious activities to the government. This is crucial for law enforcement to combat potential financial crimes such as money laundering, tax evasion, and terrorist financing. By creating a framework for monitoring and reporting certain types of transactions, the BSA plays a vital role in safeguarding the integrity of the financial system and promoting transparency.

The other options, while related to banking, do not encompass the main focus of the BSA. The act does not directly relate to loan offerings, consumer savings accounts, or the management of consumer debt, which are distinct aspects of banking regulation and consumer finance.