BSACs Exam Prep | With complete solution | 2023/24

BSACs Exam Prep | With complete solution | 2023/24 What are the five pillars of an effective BSA/AML compliance program? - 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 Who all is required to receive BSA/AML training? - New staff, BSA Compliance Officer, Board of Directors, and all appropriate personnel True/False: BSA/AML training should be tailored to the person's specific responsibilities - True How often does BSA training need to be conducted? - Every 12 to 18 months What records of the BSA training program do credit unions need to keep? - Records of training and testing materials, the dates of training sessions and attendance records. True/False: The credit union's board of directors is ultimately responsible for the credit union's BSA compliance? - True 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 - f. all of the above 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. - False Regulators recommend that independent test of your BSA program should be done: a. Annually b. Every 12 to 18 months c. Whenever necessary