BSA CERTIFICATION SOLVED CORRECTLY LATEST UPDATE 2027
GRADED A+
Question 1.
T/F: The credit union's BSA Officer is ultimately responsible for the credit union's
compliance.
Correct Answer: False
Question 2.
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.
Correct Answer: f. All of the above
Question 3.
T/F: 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.
Correct Answer: False
Question 4.
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
Correct Answer: b. Every 12 to 18 months
, Question 5.
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
Correct Answer: d. All of the above
Question 6.
The identification 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
Correct Answer: b. Benficiaries
Question 7.
Yes or No: Does the CIP/MIP rule prohibit a minor from opening an account?
Correct Answer: No
Question 8.
Yes or No: Must a credit union verify the accuracy of all of the identifying information it
collects during the CIP/MIP process?
Correct Answer: No
Question 9.
Yes or No: To satisfy the CIP/MIP recordkeeping requirements, the credit union must retain
the original information collected at account opening, in addition to updated information
about the member (such as the member's current address).
Correct Answer: Yes
Question 10.
A non-profit organization wants to open an account at the credit union. However, since
non-profits do not have any "owners", it cannot provide "beneficial" owner information.
How can the credit union open this account?
a. This account cannot be opened because the credit union cannot verify identifying
information from at least one person who owns 25% or more of the legal entity.
b. The credit union can open the account by collecting the identifying information from at
GRADED A+
Question 1.
T/F: The credit union's BSA Officer is ultimately responsible for the credit union's
compliance.
Correct Answer: False
Question 2.
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.
Correct Answer: f. All of the above
Question 3.
T/F: 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.
Correct Answer: False
Question 4.
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
Correct Answer: b. Every 12 to 18 months
, Question 5.
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
Correct Answer: d. All of the above
Question 6.
The identification 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
Correct Answer: b. Benficiaries
Question 7.
Yes or No: Does the CIP/MIP rule prohibit a minor from opening an account?
Correct Answer: No
Question 8.
Yes or No: Must a credit union verify the accuracy of all of the identifying information it
collects during the CIP/MIP process?
Correct Answer: No
Question 9.
Yes or No: To satisfy the CIP/MIP recordkeeping requirements, the credit union must retain
the original information collected at account opening, in addition to updated information
about the member (such as the member's current address).
Correct Answer: Yes
Question 10.
A non-profit organization wants to open an account at the credit union. However, since
non-profits do not have any "owners", it cannot provide "beneficial" owner information.
How can the credit union open this account?
a. This account cannot be opened because the credit union cannot verify identifying
information from at least one person who owns 25% or more of the legal entity.
b. The credit union can open the account by collecting the identifying information from at
