BSA/AML: Fundamentals Final Assessment with correct solution

There are two steps to the CIP Process. The first step involves obtaining the customer's identification. What is the second step? - ANSWER-Verification There are three steps that criminals take when laundering money. One is placement, the second is layering. What is the third step called? - ANSWER-Integration What is the fundamental part of BSA that has procedures in place that requires the bank to identify its customers and assists the bank in monitoring both normal and unusual activity? - ANSWER-Customer Due Diligence Which action is part of the four basic components of BSA compliance? - ANSWER-Providing annual training for all employees as well as the Board of Directors One of the reports that banks must file identifies violations or potential violations of law to the appropriate law enforcement authorities for criminal investigation. What is this report called? - ANSWER-Suspicious Activity Report (SAR) At an orientation meeting for new hires, a compliance officer explained the required elements of the bank's BSA compliance program. Assuming the bank is compliant, which option lists two activities that should be included in the compliance officer's explanation? - ANSWER-Appointing individual(s) designated as responsible for monitoring BSA compliance and independent testing What are the three fundamental c