At an orientation meeting for new hires, a compliance officer explained the
required elements of the financial institution's Bank Secrecy Act (BSA)
compliance program. Assuming the institution is compliant, which option lists two
activities that should be included in the compliance officer's exp...
BSA/AML
Assessment
At
an
orientation
meeting
for
new
hires,
a
compliance
officer
explained
the
required
elements
of
the
financial
institution's
Bank
Secrecy
Act
(BSA)
compliance
program.
Assuming
the
institution
is
compliant,
which
option
lists
two
activities
that
should
be
included
in
the
compliance
officer's
explanation?
-
ANSWER-Appointing
individual(s)
designated
as
responsible
for
monitoring
BSA
compliance
and
independent
testing
As
a
new
teller
for
Community
Bank,
you
are
learning
about
the
Bank
Secrecy
Act
(BSA).
Your
supervisor
asks
you,
"What
is
the
intent
of
the
BSA?"
Which
statement
best
describes
the
intent
of
the
BSA?
-
ANSWER-To
make
money
laundering
more
difficult
and
to
prevent
banks
from
becoming
unknowing
intermediaries
in
illicit
activity
Money
laundering
done
by
terrorist
organizations
and
organized
crime
has
much
in
common.
However,
there
is
one
major
difference.
What
is
the
primary
difference
between
these
two
groups?
-
ANSWER-Terrorist
financing
is
often
motivated
by
ideological
and
political
goals
rather
than
profit
Guarding
against
abuse
of
the
financial
system
for
illegal
purposes
is
a
primary
purpose
of
the
Bank
Secrecy
Act
(BSA).
Which
fundamental
component
is
required
of
a
bank's
BSA
program
to
help
prevent
financial
crime?
-
ANSWER-Deterring
The
process
of
money
laundering
has
three
distinct
stages:
placement,
layering,
and
integration.
Which
option
describes
the
placement
stage?
-
ANSWER-Money
is
placed
into
the
financial
system
in
order
to
hide
the
true
source
of
the
funds
from
law
enforcement
authorities
Which
statement
is
true
regarding
terrorist
financing?
-
ANSWER-D.
It
is
linear
process
and
deposited
funds
often
flow
from
one
person
depositing
funds
to
those
who
use
the
funds
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