On which of the following loans must a bank maintain records under the Bank Secrecy Act?
On which of the following loans must a bank maintain records under the Bank Secrecy Act?
Under the Bank Secrecy Act, banks must maintain records for loans exceeding $10,000 regardless of whether they are secured by real property. Therefore, option C is the correct choice because it specifies all loans exceeding $10,000 and secured by real property. This ensures that the bank maintains necessary records in compliance with regulatory requirements.
Under the Bank Secrecy Act (BSA), banks are required to maintain records of certain transactions, including loans. Specifically, banks must maintain records of all loans exceeding $10,000, regardless of whether they are secured by real property or not. This requirement helps to ensure transparency and facilitate the monitoring of potential financial crimes such as money laundering.