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BSACS questions with correct answers
BSACS questions with correct answers
[Show more]BSACS questions with correct answers
[Show more]SIE Exam - AML/BSA questions with correct answers
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Add to cartSIE Exam - AML/BSA questions with correct answers
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Add to cartCUNA BSA 101 questions with correct answers
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Add to cartBSACS questions with correct answers
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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Add to cartCredit 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. -...
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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Add to cartWhat 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...
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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Add to cartTrue 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...
BSA/AML: Overview Final Assessment with complete solution
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Add to cartBSA/AML: Overview Final Assessment with complete solution
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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Add to cartThere 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...
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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Add to cartWhat 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...
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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Add to cartCustomer 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 ...
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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Add to cartAt 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...
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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Add to cartRequirements 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...
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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Add to cartc. 
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...
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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Add to cartb. 
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 ...
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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Add to cart1. 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...
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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Add to cart1. - 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....
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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Add to cart1. - 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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