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BSACS 101 EXAM PREP QUESTIONS & ANSWERS SCORED A+
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BSACS 101 EXAM PREP QUESTIONS & ANSWERS SCORED A+
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BSACS 101 EXAMPREP
QUESTIONS &
ANSWERS
SCORED A+
Evatee 10/1/24 BSACS 101
,BSACS 101 EXAM PREP QUESTIONS &
ANSWERS SCORED A+
True or False: The credit union's BSA Officer is ultimately responsible for the
credit union's BSA compliance. Answer - False
True or False: The credit union's BSA Officer is ultimately responsible for the
credit union's BSA compliance. Answer - False
The BSA Officer must be knowledgeable of:
a. The 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 - The answer is f. The BSA Officer is
expected to be fully knowledgeable of the
Bank Secrecy Act and all related
regulations, as well as understand the
money laundering and terrorist financing
risks associated with the credit union's
products, services, members, and
geographic locations of each credit union
office and branch. The BSA Officer should
,be in a position to regularly apprise the
senior management staff and the board of
directors of ongoing compliance with the
BSA/AML requirements.
The BSA Officer must be knowledgeable of:
a. The 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 - The answer is f. The BSA Officer is
expected to be fully knowledgeable of the
Bank Secrecy Act and all related
regulations, as well as understand the
money laundering and terrorist financing
risks associated with the credit union's
products, services, members, and
geographic locations of each credit union
office and branch. The BSA Officer should
be in a position to regularly apprise the
senior management staff and the board of
directors of ongoing compliance with the
BSA/AML requirements.
, True or False: If you are a small credit union
(less than $100 million) it is acceptable to
have the BSA Officer identify when BSArelated reports must be filed, fill out the
reports, and determine when members are
eligible to be exempt from BSA reporting. Answer - False. As part of the credit
union's internal controls, you must have
policies and procedures in place to limit
and control risks associated with BSA/AML.
Such internal controls include the
True or False: If you are a small credit union
(less than $100 million) it is acceptable to
have the BSA Officer identify when BSArelated reports must be filed, fill out the
reports, and determine when members are
eligible to be exempt from BSA reporting. Answer - False. As part of the credit
union's internal controls, you must have
policies and procedures in place to limit
and control risks associated with BSA/AML.
Such internal controls include the
Regulators recommend that
independent testing of your BSA
program should be done:
a. Annually
b. Every 12 to 18 months
c. Whenever necessary
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