Exam (elaborations)
BSACs Exam Prep questions and answer
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BSACs Exam Prep questions and answer
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BSACsExam
Prep
What
are
the
five
pillars
of
an
effective
BSA/AML
compliance
program?
-
ANSWER-1.
Designation
of
a
BSA
compliance
officer
by
the
Board.
2.
Provide
for
a
system
of
internal
controls
to
ensure
ongoing
compliance
3.
Provide
for
independent
testing
to
be
conducted
by
credit
union
personnel
or
outside
parties
4.
Provide
training
for
appropriate
personnel
5.
Appropriate
risk-based
procedures
for
conducting
ongoing
member
due
diligence
Who
all
is
required
to
receive
BSA/AML
training?
-
ANSWER-New
staff,
BSA
Compliance
Officer,
Board
of
Directors,
and
all
appropriate
personnel
True/False:
BSA/AML
training
should
be
tailored
to
the
person's
specific
responsibilities
-
ANSWER-True
How
often
does
BSA
training
need
to
be
conducted?
-
ANSWER-Every
12
to
18
months
What
records
of
the
BSA
training
program
do
credit
unions
need
to
keep?
-
ANSWER-Records
of
training
and
testing
materials,
the
dates
of
training
sessions
and
attendance
records.
True/False:
The
credit
union's
board
of
directors
is
ultimately
responsible
for
the
credit
union's
BSA
compliance?
-
ANSWER-True
The
BSA
Officer
must
be
knowledgeable
of:
a.
BSA,
and
related
regulations
b.
The
credit
union's
products
and
services
c.
The
credit
union's
members
d.
The
credit
union's
neighborhoods
e.
a&b
f.
All
of
the
above
-
ANSWER-f.
all
of
the
above True/False:
If
you
are
a
small
credit
union
it
is
acceptable
to
have
the
BSA
officer
determine
when
a
CTR
is
necessary,
fil
out
the
CTRs,
and
determine
who
is
eligible
for
a
CTR
exemption.
-
ANSWER-False
Regulators
recommend
that
independent
test
of
your
BSA
program
should
be
done:
a.
Annually
b.
Every
12
to
18
months
c.
Whenever
necessary
d.
Before
each
exam
-
ANSWER-b.
Every
12
to
18
months
Which
of
the
following
products
and
services
could
possibly
pose
a
higher
risk
for
illegal
activities?
a.
Wire
transfers
b.
Monetary
instruments
c.
Traveler's
checks
d.
All
of
the
above
-
ANSWER-d.
All
of
the
above
Section
326
of
the
USA
Patriot
Act
requires
financial
institutions
to:
-
ANSWER-1.
implement
reasonable
procedures
to
verify
the
identity
of
any
person
seeking
to
open
an
account
2.
maintain
records
of
the
information
used
to
verify
the
person's
identity
3.
determine
whether
the
person
appears
on
any
lists
of
known
or
suspected
terrorists
or
terrorist
organizations
provided
to
the
FI
by
any
government
agency
4.
provide
the
member
opening
a
new
account
with
notice
of
the
information
collection
requirement.
A
financial
institution's
CIP
should
be
tailored
to:
-
ANSWER-1.
it's
size
2.
location
3.
types
of
accounts
offered
4.
methods
of
opening
accounts;
and
5.
any
other
risk
factors
the
FI
believes
affects
its
CIP
procedures
What
four
pieces
of
information
are
credit
union's
required
to
collect
on
each
new
member?
-
ANSWER-1.
name
2.
address
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