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BSACS questions with correct answers

BSACS questions with correct answers

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SIE Exam - AML/BSA questions with correct answers

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SIE Exam - AML/BSA questions with correct answers

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CUNA BSA 101 questions with correct answers

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CUNA BSA 101 questions with correct answers

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BSACS questions with correct answers

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BSACS questions with correct answers

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BSACS Test Prep questions with verified correct answers

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Credit unions must report blocked or rejected transactions within __________ business days from the date that property becomes blocked or the transaction is rejected. a. 14 business days b. 30 calendar days c. 10 business days d. The date that the property is blocked/transaction is rejected. -...

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BSACs Exam Prep questions with correct answers

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What are the five pillars of an effective BSA/AML compliance program? - 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 outsid...

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BSAC Exam Prep - 2024 (Bank Secrecy Act Certification) 1005 solved / already passed

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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 cred...

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BSA/AML: Overview Final Assessment with complete solution

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BSA/AML: Overview Final Assessment with complete solution

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BSA/AML: Fundamentals Final Assessment with correct solution

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There are two steps to the CIP Process. The first step involves obtaining the customer's identification. What is the second step? - ANSWER-Verification There are three steps that criminals take when laundering money. One is placement, the second is layering. What is the third step called? - ANS...

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BSA/AML TEST ONE questions and answers

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What do functional regulators measure? - ANSWER-They measure programs. True or False. Compliance programs must be written. - ANSWER-true What does the FFIEC create? - ANSWER-A Common Program/ testing tool What does FFIEC stand for? - ANSWER-Federal Financial Institutions Examination Council Wha...

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BSA/AML EXAM TWO questions with answers 100% pass

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Customer Due Diligence (CDD) - ANSWER-1. Applies to all customers 2. Initial questions asked by account opening personnel and answered at account opening to identify potentially high risk factors. Enhanced Due Diligence (EDD) - ANSWER-1. Applies to some customers representing higher exposure to ...

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BSA/AML Assessment questions and answers

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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 ex...

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BSA/AML and SARs questions with correct answers

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Requirements for a CTR filed with FinCEN -must be submitted within 15 calendar days from the transaction business date -banks must retain copies for 5 years from the date of the report CTR exemptions Phase I and Phase II for certain businesses, not individuals CTR exemptions Phase I (exempt fro...

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BSA 11 SAR Filing questions with correct answers

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c. A, B, and D are incorrect because a 314(a) request is an information sharing procedure authorized by section 314(a) of the USA PATRIOT Act. Section 314(a) authorizes a federal, state, local, or foreign law enforcement agency investigating terrorism or money laundering to request that FinCEN s...

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BSA 2 - BSA-AML Complying with the BSA questions with correct answers

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b. A, C, and D are incorrect because although these types of mistakes can be noted in an exam, Robert, Natasha, and Mark followed all the correct BSA/AML procedures but unfortunately, had oversights in their daily tasks. - ANSWER-1. Severe penalties can be assessed for violations of the BSA/AML ...

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BSA 1 - BSA-AML Overview questions with correct answers

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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 h...

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BSA / AML Quiz 1 questions with complete solution

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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....

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BSA / AML Quiz 1 questions with complete solution

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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....

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