Final answer:
Civil and/or criminal penalties are indeed imposed for violations of the Bank Secrecy Act (BSA). Civil penalties typically involve fines, while criminal penalties can include fines, imprisonment, or both.
Step-by-step explanation:
The question asks whether civil and/or criminal penalties are imposed for violations of the Bank Secrecy Act (BSA). The answer is yes. The BSA is a piece of United States legislation that requires financial institutions to collaborate with the U.S. government in cases of suspected money laundering and fraud. Violations of the BSA can lead to a range of penalties. For civil violations, financial institutions and individuals may face fines. Criminal penalties can include fines, imprisonment, or both, depending on the severity of the violation. An example of a serious violation would be the willful failure to file a Currency Transaction Report (CTR) or a Suspicious Activity Report (SAR), which can result in significant criminal penalties, including jail time.