CRCM BSA AML COMPREHENSIVE BANK
SECRECY ACT ANTI MONEY LAUNDERING
COMPLIANCE TEST PAPER QUESTIONS
AND SOLUTIONS
●● NASCUS
Answer: Association uniting regulators and credit unions.
●● AML/CFT
Answer: Policies combating money laundering and terrorism financing.
●● FinCEN
Answer: Agency issuing national priorities for AML/CFT programs.
●● National Priorities (2021)
Answer: Eight primary crimes for AML/CFT focus.
●● Corruption
Answer: Abuse of power for personal gain.
●● Cybercrime
,Answer: Criminal activities conducted via the internet.
●● Terrorist Financing
Answer: Funding for domestic and international terrorism.
●● Fraud
Answer: Deceptive practices for financial gain.
●● Transnational Criminal Organizations
Answer: Criminal groups operating across national borders.
●● Drug Trafficking Organizations
Answer: Groups involved in illegal drug trade.
●● Human Trafficking
Answer: Illegal trade of humans for exploitation.
●● Proliferation Financing
Answer: Funding for weapons of mass destruction.
●● OFAC
Answer: Office administering U.S. sanctions programs.
,●● SDN List
Answer: List of sanctioned individuals and entities.
●● Anti Financial Crimes
Answer: Efforts to combat financial crimes.
●● Compliance Competencies
Answer: Skills necessary for effective BSA/AML performance.
●● Regulatory Knowledge
Answer: Understanding laws governing financial compliance.
●● Professional Development
Answer: Process of improving skills and competencies.
●● Bank Secrecy Act (BSA)
Answer: 1970 Act aimed at preventing money laundering.
●● Currency and Foreign Transactions Reporting Act
Answer: Original legislation forming the BSA framework.
, ●● Strategic Objectives
Answer: Goals aligning compliance with organizational mission.
●● Impact Communication
Answer: Demonstrating value to credit union's objectives.
●● Bank Secrecy Act (BSA)
Answer: U.S. laws combating money laundering and terrorism
financing.
●● FinCEN
Answer: Government body implementing BSA regulations for Treasury.
●● Money Laundering Control Act
Answer: 1986 amendment enhancing anti-money laundering efforts.
●● Anti-Drug Abuse Act
Answer: 1988 amendment targeting drug-related money laundering.
●● Annunzio-Wylie Act
Answer: 1992 act establishing AML compliance program pillars.
SECRECY ACT ANTI MONEY LAUNDERING
COMPLIANCE TEST PAPER QUESTIONS
AND SOLUTIONS
●● NASCUS
Answer: Association uniting regulators and credit unions.
●● AML/CFT
Answer: Policies combating money laundering and terrorism financing.
●● FinCEN
Answer: Agency issuing national priorities for AML/CFT programs.
●● National Priorities (2021)
Answer: Eight primary crimes for AML/CFT focus.
●● Corruption
Answer: Abuse of power for personal gain.
●● Cybercrime
,Answer: Criminal activities conducted via the internet.
●● Terrorist Financing
Answer: Funding for domestic and international terrorism.
●● Fraud
Answer: Deceptive practices for financial gain.
●● Transnational Criminal Organizations
Answer: Criminal groups operating across national borders.
●● Drug Trafficking Organizations
Answer: Groups involved in illegal drug trade.
●● Human Trafficking
Answer: Illegal trade of humans for exploitation.
●● Proliferation Financing
Answer: Funding for weapons of mass destruction.
●● OFAC
Answer: Office administering U.S. sanctions programs.
,●● SDN List
Answer: List of sanctioned individuals and entities.
●● Anti Financial Crimes
Answer: Efforts to combat financial crimes.
●● Compliance Competencies
Answer: Skills necessary for effective BSA/AML performance.
●● Regulatory Knowledge
Answer: Understanding laws governing financial compliance.
●● Professional Development
Answer: Process of improving skills and competencies.
●● Bank Secrecy Act (BSA)
Answer: 1970 Act aimed at preventing money laundering.
●● Currency and Foreign Transactions Reporting Act
Answer: Original legislation forming the BSA framework.
, ●● Strategic Objectives
Answer: Goals aligning compliance with organizational mission.
●● Impact Communication
Answer: Demonstrating value to credit union's objectives.
●● Bank Secrecy Act (BSA)
Answer: U.S. laws combating money laundering and terrorism
financing.
●● FinCEN
Answer: Government body implementing BSA regulations for Treasury.
●● Money Laundering Control Act
Answer: 1986 amendment enhancing anti-money laundering efforts.
●● Anti-Drug Abuse Act
Answer: 1988 amendment targeting drug-related money laundering.
●● Annunzio-Wylie Act
Answer: 1992 act establishing AML compliance program pillars.
