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BSACS EXAM PREP QUESTIONS AND CORRECT ANSWERS | LATEST UPDATE
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What are the five pillars of an effective BSA/AML compliance program? -:- 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 outsid...

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  • September 17, 2024
  • 32
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • bsacs exam prep questions and correct answers l
  • what are the five pillars of an effective bsaaml

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2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!




BSACS EXAM PREP QUESTIONS AND
CORRECT ANSWERS | LATEST UPDATE
What are the five pillars of an effective BSA/AML compliance program?


✓ -:- 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 conduct ed 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?


✓ -:- 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


✓ -:- True




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,2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!




How often does BSA training need to be conducted?


✓ -:- Every 12 to 18 months




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.




True/False: The credit union's board of directors is ultimately responsible for the credit

union's BSA compliance?


✓ -:- 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




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,2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!




f. All of the above


✓ -:- 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.


✓ -:- 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


✓ -:- b. Every 12 to 18 months




Which of the following products and services could possibly pose a higher risk for illegal

activities?




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, 2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!




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




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