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BSAC EXAM PREP - 2024 (BANK SECRECY ACT CERTIFICATION) LATEST QUESTIONS WITH ACTUAL SOLUTIONS!!
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BSAC EXAM PREP - 2024 (BANK SECRECY ACT CERTIFICATION) LATEST QUESTIONS WITH ACTUAL SOLUTIONS!!
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BSAC EXAM PREP -2024 LATEST
QUESTIONS WITH
ACTUAL SOLUTIONS!!
BSAC
Evatee 10/1/24 BSAC
,BSAC EXAM PREP - 2024 LATEST QUESTIONS
WITH ACTUAL SOLUTIONS!!
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 appropriate BSA/AML training
annually.
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 BSA- related 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 segregation of duties whenever possible, so that it
isn't the same person determining who is exempt from filing, when a report
should be filed, and actually completing the reports. It is important to have a
"checks and balances" system in place.
Regulators recommend that independent testing of your BSA program should
be done:
A. Annually
B. Every 12 to 18 months
C. Whenever necessary
D. Before each exam Answer - The answer is B.
The frequency of the required independent testing is not specifically defined in
the regulation, however, the regulators recommend that it be done every 12 to
18 months, depending on the credit union's risk profile.
Which of the following products and services may have a higher risk for illegal
activities?
A. Wire transfers
, B. Monetary instruments
C. Traveler's Checks
D. All of the above Answer - The answer is D.
Although attempts to launder money or conduct other illegal activities through
a credit union can emanate from many different sources, certain products,
services, members, and geographic locations may be more vulnerable or have
historically been known to be abused by money launderers and criminals. For
example, some products and services may allow a higher degree of anonymity (
such as electronic funds payments), or involve the handling of high volumes of
currency (such as monetary instruments like cashier's checks, money orders,
and traveler's checks).
The identification and verification rules do NOT apply to which of the
following?
A. Joint owners
B. Beneficiaries
C. Co-borrowers
D. Non-resident aliens
E. Applies to A, B, C & D. Answer - The correct answer is "B."
The CIP/MIP regulations apply to anyone applying to open an account, which
includes any accountholder on the account (members and non-members). This
will include joint owners and trustees, as well as both resident and non-
resident aliens. However, beneficiaries are not signers on an account and may
not even know they are beneficiaries; therefore, they are not included on this
list. Additionally, the definition of "account" means any "formal banking or
business relationship established to provide an ongoing service, dealing, or
other financial transaction." This definition is broad enough to include loans,
and therefore co-borrowers would also fall under the requirements.
Yes or No:
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