FinCEN accomplishes its mission to safeguard the financial system by enforcing which act?

The correct answer is the Bank Secrecy Act (BSA), which plays a crucial role in FinCEN's mission to protect the financial system from illicit activities such as money laundering and terrorist financing. The BSA requires financial institutions to implement certain measures, including recordkeeping and reporting requirements, to help detect and prevent financial crimes. By mandating the filing of suspicious activity reports (SARs) and currency transaction reports (CTRs), the BSA provides law enforcement agencies with valuable information that can be used to investigate and prosecute financial crimes.

Understanding this act is vital for recognizing how FinCEN collaborates with various financial institutions to maintain the integrity of the financial system and ensure compliance with federal regulations designed to combat financial crime. The other acts listed focus on different aspects of the financial industry, such as securities regulation or consumer protection, but the BSA specifically targets the prevention of money laundering and related offenses within the financial system.