SIE (Securities Industry Essentials) Practice Exam

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FinCEN accomplishes its mission to safeguard the financial system from the abuses of financial crime, including terrorist financing and money laundering, by enforcing:

  1. the Bank Secrecy Act

  2. the Sarbanes-Oxley Act

  3. the Dodd-Frank Act

  4. the Fair Credit Reporting Act

The correct answer is: the Bank Secrecy Act

The Bank Secrecy Act, passed in 1970, requires financial institutions to cooperate with government agencies to combat money laundering and other financial crimes. It also requires these institutions to keep records of cash transactions and report any suspicious activity. The other options, the Sarbanes-Oxley Act, the Dodd-Frank Act, and the Fair Credit Reporting Act, all focus on different areas of financial regulation and do not specifically target FinCEN's mission of safeguarding the financial system from criminal activities.

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