BSACS EXAM PREP STUDY GUIDE & PRACTICE
QUESTIONS 2026/2027 | COMPLETE EXAM REVIEW
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 outside parties
4. Provide training for appropriate personnel
5. Appropriate risk-based procedures for conducting ongoing member due
diligence - correct answer✔✔ What are the five pillars of an effective
BSA/AML compliance program?
New staff, BSA Compliance Officer, Board of Directors, and all appropriate
personnel - correct answer✔✔ Who all is required to receive BSA/AML
training?
True - correct answer✔✔ True/False: BSA/AML training should be tailored to
the person's specific responsibilities
Every 12 to 18 months - correct answer✔✔ How often does BSA training
need to be conducted?
Records of training and testing materials, the dates of training sessions
and attendance records. - correct answer✔✔ What records of the BSA
training program do credit unions need to keep?
True - correct answer✔✔ True/False: The credit union's board of directors is
ultimately responsible for the credit union's BSA compliance?
f. all of the above - correct answer✔✔ The BSA Officer must be
knowledgeable of:
a. 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
False - correct answer✔✔ True/False: If you are a small credit union it is
acceptable to have the BSA officer determine when a CTR is necessary, fil
out the CTRs, and determine who is eligible for a CTR exemption.
b. Every 12 to 18 months - correct answer✔✔ Regulators recommend that
independent test of your BSA program should be done:
a. Annually
b. Every 12 to 18 months
c. Whenever necessary
d. Before each exam
d. All of the above - correct answer✔✔ Which of the following products and
services could possibly pose a higher risk for illegal activities?
a. Wire transfers
b. Monetary instruments
c. Traveler's checks
d. All of the above
1. implement reasonable procedures to verify the identity of any person
seeking to open an account
2. maintain records of the information used to verify the person's identity
3. determine whether the person appears on any lists of known or
suspected terrorists or terrorist organizations provided to the FI by any
government agency
, 4. provide the member opening a new account with notice of the
information collection requirement. - correct answer✔✔ Section 326 of the
USA Patriot Act requires financial institutions to:
1. it's size
2. location
3. types of accounts offered
4. methods of opening accounts; and
5. any other risk factors the FI believes affects its CIP procedures - correct
answer✔✔ A financial institution's CIP should be tailored to:
1. name
2. address
3. date of birth
4. identification number - correct answer✔✔ What four pieces of
information are credit union's required to collect on each new member?
1. documentary
2. non-documentary - correct answer✔✔ What are the two methods a
credit union can use to verify identity?
1. how the identity will be verified
2. when documentary methods, non-documentary methods, or a
combination of both methods will be used; and
3. what documents and non-documentary information the credit union will
accept. - correct answer✔✔ What does the credit union's CIP procedures
have to describe?
True - correct answer✔✔ True/False: the credit union must provide an
adverse action notice if it refuses to open an account based on a
consumer report
QUESTIONS 2026/2027 | COMPLETE EXAM REVIEW
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 outside parties
4. Provide training for appropriate personnel
5. Appropriate risk-based procedures for conducting ongoing member due
diligence - correct answer✔✔ What are the five pillars of an effective
BSA/AML compliance program?
New staff, BSA Compliance Officer, Board of Directors, and all appropriate
personnel - correct answer✔✔ Who all is required to receive BSA/AML
training?
True - correct answer✔✔ True/False: BSA/AML training should be tailored to
the person's specific responsibilities
Every 12 to 18 months - correct answer✔✔ How often does BSA training
need to be conducted?
Records of training and testing materials, the dates of training sessions
and attendance records. - correct answer✔✔ What records of the BSA
training program do credit unions need to keep?
True - correct answer✔✔ True/False: The credit union's board of directors is
ultimately responsible for the credit union's BSA compliance?
f. all of the above - correct answer✔✔ The BSA Officer must be
knowledgeable of:
a. 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
False - correct answer✔✔ True/False: If you are a small credit union it is
acceptable to have the BSA officer determine when a CTR is necessary, fil
out the CTRs, and determine who is eligible for a CTR exemption.
b. Every 12 to 18 months - correct answer✔✔ Regulators recommend that
independent test of your BSA program should be done:
a. Annually
b. Every 12 to 18 months
c. Whenever necessary
d. Before each exam
d. All of the above - correct answer✔✔ Which of the following products and
services could possibly pose a higher risk for illegal activities?
a. Wire transfers
b. Monetary instruments
c. Traveler's checks
d. All of the above
1. implement reasonable procedures to verify the identity of any person
seeking to open an account
2. maintain records of the information used to verify the person's identity
3. determine whether the person appears on any lists of known or
suspected terrorists or terrorist organizations provided to the FI by any
government agency
, 4. provide the member opening a new account with notice of the
information collection requirement. - correct answer✔✔ Section 326 of the
USA Patriot Act requires financial institutions to:
1. it's size
2. location
3. types of accounts offered
4. methods of opening accounts; and
5. any other risk factors the FI believes affects its CIP procedures - correct
answer✔✔ A financial institution's CIP should be tailored to:
1. name
2. address
3. date of birth
4. identification number - correct answer✔✔ What four pieces of
information are credit union's required to collect on each new member?
1. documentary
2. non-documentary - correct answer✔✔ What are the two methods a
credit union can use to verify identity?
1. how the identity will be verified
2. when documentary methods, non-documentary methods, or a
combination of both methods will be used; and
3. what documents and non-documentary information the credit union will
accept. - correct answer✔✔ What does the credit union's CIP procedures
have to describe?
True - correct answer✔✔ True/False: the credit union must provide an
adverse action notice if it refuses to open an account based on a
consumer report
