BSA / AML Quiz 1 questions with complete solution

1. - ANSWER-Does the Bank Secrecy Act apply to U.S. branches of foreign banks? a. - ANSWER-Yes, U.S. branches of foreign banks are subject to the BSA. b. - ANSWER-Yes, all branches of foreign banks are subject to the BSA. c. - ANSWER-No, U.S. branches of foreign banks are not subject to BSA. d. - ANSWER-No, U.S. branches of foreign banks are only subject to laws of their country. 2. - ANSWER-What are the four required components of a BSA program? a. - ANSWER-A system of internal controls, designated BSA Officer, ongoing training and automated transaction monitoring. b. - ANSWER-A designated BSA Officer, support from the CEO and senior management, ongoing training and independent testing. c. - ANSWER-A system of internal controls, a designated BSA Officer, ongoing training and independent testing. d. - ANSWER-A designated OFAC Officer, ongoing training, external testing and automated CTR reporting. 3. - ANSWER-What additional requirement was added to the BSA as the 5th Pillar 2016. a. Customer Identification Program - ANSWER