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. - False
True/False: BSA/AML training should be tailored to the person's specific responsibilities - True
Re...
BSACs Exam Prep
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. - False
True/False: BSA/AML training should be tailored to the person's specific responsibilities - True
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 - b. Every 12 to 18 months
Who all is required to receive BSA/AML training? - New staff, BSA Compliance Officer, Board of
Directors, and all appropriate personnel
How often does BSA training need to be conducted? - Every 12 to 18 months
What is the control criteria under the definition of beneficial owner? - A single individual with
significant responsibility to control, manage, or direct the legal entity, such as CEO, CFO, VP or other
member of the senior management team or a person that regularly performs similar functions.
What records of the BSA training program do credit unions need to keep? - Records of training
and testing materials, the dates of training sessions and attendance records.
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 - f. all of the above
True/False: The credit union's board of directors is ultimately responsible for the credit union's BSA
compliance? - True
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 - d. All of the above
Section 326 of the USA Patriot Act requires financial institutions to: - 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: - 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? - 1.
name
2. address
3. date of birth
4. identification number
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