Bsa bank secrecy act Study guides, Class notes & Summaries

1. - ANSWER-Does the Bank Secrecy Act apply to U.S. branches of foreign banks? a. - ANSWER-Yes, U.S. branches of foreign banks are subject to the BSA. b. - ANSWER-Yes, all branches of foreign banks are subject to the BSA. c. - ANSWER-No, U.S. branches of foreign banks are not subject to BSA. d. - ANSWER-No, U.S. branches of foreign banks are only subject to laws of their country. 2. - ANSWER-What are the four required components of a BSA program? a. - ANSWER-A system of internal controls...

The credit union's BSA Officer is ultimately responsible for the credit union's BSA compliance. -:- False. Although the BSA Officer is responsible for coordinating and monitoring day-to-day BSA/AML compliance and managing all aspects of the BSA compliance program, the credit union's board of directors is ultimately responsible for the credit union's compliance. This is why it is critical that the board of directors designate a qualified BSA officer and receive appropriate BSA/A...

A customer sells short 100 shares of ABC stock at $60 and sells 1 ABC Oct 60 Put @ $6. The maximum potential loss is: A. unlimited B. limited C. $6,000 D. $600 Ans: A. If the market rises, the short put expires, and the short stock position must be covered by making a purchase in the market. The loss potential is unlimited. The regulator that has primary responsibility for enforcing anti-money laundering laws is: A. SEC B. FinCEN C. FINRA D. FDIC Ans: B. - FinCEN is part of the...

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 Secr...

BSAC EXAM PREP – 2024 (BANK SECRECY ACT CERTIFICATION) QUESTIONS PERFECTLY ANSWERED!!

Bank Secrecy Act/Anti-Money Laundering (BSA/AML) _________________ was designed to prevent the U.S. financial services industry from being used to launder money - ANSWER-Bank Secrecy Act (BSA) The goals of BSA include: - ANSWER--Preventing and detecting money laundering and criminal activity financing -Documenting large currency transactions -Improving reporting and aiding investigations of financial crimes Each institution must develop a written anti-money laundering compliance program ...

1. Which statement best describes the intent of the Bank Secrecy Act (BSA)? A. To make money laundering more difficult and to prevent banks from becoming unknowing intermediaries in illicit activity B. To mandate that all persons must be treated fairly when applying for credit C. To coordinate housing data for purposes of identifying possible discriminatory housing practices D. To require that banks make check deposits available within a specified period of time ID:7753F4F0CEA0466BBC713DA3...

True or False: The credit union's BSA Officer is ultimately responsible for the credit union's BSA compliance. - ANSWER-False. Although the BSA Officer is responsible for coordinating and monitoring day-to-day BSA/AML compliance and managing all aspects of the BSA compliance program, the credit union's board of directors is ultimately responsible for the credit union's compliance. This is why it is critical that the board of directors designate a qualified BSA officer and receive appr...

APRP Questions And Verified Solutions Risk Management and Business Continuity - Preventive Control: Techniques to prevent adverse events. - Incident Response Plan: Defined actions and communication when threats are identified. - Control Self-Assessment: Internal assessment of risk management effectiveness. - Business Continuity Strategy: Strategies to maintain critical business functions during disruptions. - Business Impact Analysis (BIA): Analysis of potential impacts of uncontrolled events....

S.O.L.E.R *squarely face the person *open your posture *lean towards the sender *eye contact maintained *relax while attending - ANSWER Actively attending (enhance listening) Need satisfaction selling - ANSWER Based on the simple recognition that customers buy products to satisfy their needs Need - ANSWER Desire to improve or accomplish something G.I.S.T - ANSWER Greet Inquiring Suggest Thanking Retail customer experience (RCE) - ANSWER Mystery shopper ????? Post office...