Exam (elaborations)
LATEST BSACS EXAM PREP QUESTIONS WITH VERIFIED SOLUTIONS
- Course
- Institution
LATEST BSACS EXAM PREP QUESTIONS WITH VERIFIED SOLUTIONS LATEST BSACS EXAM PREP QUESTIONS WITH VERIFIED SOLUTIONS
[Show more]
Content preview
LATEST BSACS EXAM PREP 2024-2025QUESTIONS WITH VERIFIED SOLUTIONS
What are the five pillars of an effective BSA/AML compliance program? - CORRECT
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? - CORRECT 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 -
CORRECT ANSWER True
How often does BSA training need to be conducted? - CORRECT ANSWER Every 12
to 18 months
What records of the BSA training program do credit unions need to keep? - CORRECT
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? - CORRECT ANSWER True
,LATEST BSACS EXAM PREP 2024-2025
QUESTIONS WITH VERIFIED SOLUTIONS
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 - CORRECT 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. - CORRECT 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 - CORRECT 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
, LATEST BSACS EXAM PREP 2024-2025
QUESTIONS WITH VERIFIED SOLUTIONS
d. All of the above - CORRECT ANSWER d. All of the above
Section 326 of the USA Patriot Act requires financial institutions to: - CORRECT
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: - CORRECT 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? - CORRECT ANSWER 1. name
2. address
3. date of birth
4. identification number
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller TestBankcenter. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81113 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now