Bank secrecy act bsa - Study guides, Class notes & Summaries

Bank Secrecy Act (BSA)Accurate 100% Bank Secrecy Act (BSA)Accurate 100% Bank Secrecy Act (BSA)Accurate 100%

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...

AARMR - Correct Answer American Association of Residential Mortgage Regulators AML - Correct Answer Anti-Money Laundering APR - Correct Answer Annual Percentage Rate ARM - Correct Answer Adjustable Rate Mortgage BSA - Correct Answer Bank Secrecy Act CC&R - Correct Answer covenants, conditions, and restrictions CE - Correct Answer continuing education CFPB - Correct Answer Consumer Finance Protection Bureau CFR - Correct Answer Code of Federal Regulations CHARM...

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) LATEST QUESTIONS WITH ACTUAL SOLUTIONS!!

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

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...

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....

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...