What must customers provide when purchasing financial products/services over certain dollar thresholds due to the BSA?

The requirement for customers to provide identifying information when purchasing financial products or services over certain dollar thresholds is mandated by the Bank Secrecy Act (BSA). This legislation is designed to prevent money laundering and other financial crimes. As a result, financial institutions must verify the identity of their customers to ensure they are not facilitating illegal activities.

The need for identifying information typically includes details such as the customer’s name, address, date of birth, and identification numbers (like a Social Security number or tax identification number). By collecting this data, the institution can confirm the customer's identity and maintain accurate records, which are essential for compliance with regulatory requirements.

In contrast, the other options—personal references, purchase receipts, and employment verification—are not generally required under the BSA for transactions involving financial products or services. While these may be useful in various contexts, they do not serve the specific purpose of identity verification that the BSA aims to address. Therefore, identifying information is the correct response to ensure compliance with the law.