BSACS Test Prep Actual Exam Questions
and CORRECT Answers
Credit unions must report blocked or rejected transactions within __________ business days
from the date that property becomes blocked or the transaction is rejected.
a. 14 business days
b. 30 calendar days
c. 10 business days
d. The date that the property is blocked/transaction is rejected. - CORRECT ANSWER✔✔-
THE CORRECT ANSWER IS C
Blocked and rejected transactions must be reported to OFAC within 10 business days from
the date that property becomes blocked or the transaction is rejected.
True or false. All financial institutions must file an annual report of blocked property. -
CORRECT ANSWER✔✔- FALSE
All holders of blocked property must file a comprehensive annual report on blocked property
held as of June 30 by September 30 each year. There's no need to file the annual report if the
credit union isn't holding any blocked property.
What should the credit union do with blocked property (i.e., funds in an account)?
a. Remit the blocked funds to OFAC
b. Place blocked funds into an interest-bearing account on the institution's books
c. Report blocked funds on a suspicious activity report
,d. Monitor to ensure member doesn't conduct transactions - CORRECT ANSWER✔✔- THE
CORRECT ANSWER IS B
Credit unions should place blocked funds into an interest-bearing account on your books;
only OFAC-authorized debits may be made.
OFAC record retention requires which of the following:
a. Records of rejected items must be maintained for 5 years from the date of the transaction.
b. Records of blocked accounts must be maintained for 5 years after the date that the account
is unblocked.
c. Credit unions are required to maintain a complete and accurate record of the blocked
account for as long as it's holding the blocked property.
d. All of the above. - CORRECT ANSWER✔✔- THE CORRECT ANSWER IS D
All OFAC records must be retained for 5 years: • Rejected items: maintain records for 5 years
from the date of the transaction. • Blocked accounts: maintain records for 5 years after the
date that the account is unblocked. • Maintain a complete and accurate record of the blocked
account for as long as the credit union is holding the blocked property.
NCUA and the state regulators will expect a credit union to establish and maintain an
effective, written OFAC compliance program that reflects the institution's OFAC "risk
profile." The program should:
a. Designate an OFAC compliance officer
b. Identify high-risk areas and provide for appropriate internal controls
c. Train appropriate personnel and ensure independent testing for compliance
, d. All of the above - CORRECT ANSWER✔✔- THE CORRECT ANSWER IS D
• Designate an OFAC compliance officer: every credit union must designate a qualified
individual(s) to be responsible for the day-to-day compliance with OFAC requirements,
including keeping track of updates to the various sanctions' programs, reporting blocked or
rejected transactions to OFAC, and overseeing blocked funds.
• Identify high-risk areas: this means assessing your credit union's membership, product lines,
and nature of the transactions that flow through your institution and identifying the higher-
risk areas for potential OFAC sanctions risk.
• Provide for appropriate internal controls for screening accounts and transactions, updating
OFAC lists (whether manually or using interdiction software), blocking and rejecting
prohibited transactions, and reporting OFAC matches or "hits."
• Establish independent testing for compliance: every credit union should conduct an
independent test of its OFAC compliance program that is performed by the internal audit
department, outside auditors, consultants, or other qualified independent parties.
• Create training programs on the credit union's OFAC compliance procedures and processes
for appropriate personnel in all relevant areas of the institution. The scope and frequency of
the training should be consistent with the credit union's OFAC risk profile and appropriate to
employee responsibilities
The Bank Secrecy Act requires credit unions to collect and retain certain information in
connection with "funds transfers" of: a. Any amount b. More than $10,000 c. $5000 or more
d. $3,000 or more - CORRECT ANSWER✔✔- THE CORRECT ANSWER IS D
The BSA requires credit unions to collect and retain certain information in connection with
"funds transfers" of $3,000.00 or more.
True or false: There are no Travel Rule requirements for beneficiary financial institutions. -
CORRECT ANSWER✔✔- TRUE
and CORRECT Answers
Credit unions must report blocked or rejected transactions within __________ business days
from the date that property becomes blocked or the transaction is rejected.
a. 14 business days
b. 30 calendar days
c. 10 business days
d. The date that the property is blocked/transaction is rejected. - CORRECT ANSWER✔✔-
THE CORRECT ANSWER IS C
Blocked and rejected transactions must be reported to OFAC within 10 business days from
the date that property becomes blocked or the transaction is rejected.
True or false. All financial institutions must file an annual report of blocked property. -
CORRECT ANSWER✔✔- FALSE
All holders of blocked property must file a comprehensive annual report on blocked property
held as of June 30 by September 30 each year. There's no need to file the annual report if the
credit union isn't holding any blocked property.
What should the credit union do with blocked property (i.e., funds in an account)?
a. Remit the blocked funds to OFAC
b. Place blocked funds into an interest-bearing account on the institution's books
c. Report blocked funds on a suspicious activity report
,d. Monitor to ensure member doesn't conduct transactions - CORRECT ANSWER✔✔- THE
CORRECT ANSWER IS B
Credit unions should place blocked funds into an interest-bearing account on your books;
only OFAC-authorized debits may be made.
OFAC record retention requires which of the following:
a. Records of rejected items must be maintained for 5 years from the date of the transaction.
b. Records of blocked accounts must be maintained for 5 years after the date that the account
is unblocked.
c. Credit unions are required to maintain a complete and accurate record of the blocked
account for as long as it's holding the blocked property.
d. All of the above. - CORRECT ANSWER✔✔- THE CORRECT ANSWER IS D
All OFAC records must be retained for 5 years: • Rejected items: maintain records for 5 years
from the date of the transaction. • Blocked accounts: maintain records for 5 years after the
date that the account is unblocked. • Maintain a complete and accurate record of the blocked
account for as long as the credit union is holding the blocked property.
NCUA and the state regulators will expect a credit union to establish and maintain an
effective, written OFAC compliance program that reflects the institution's OFAC "risk
profile." The program should:
a. Designate an OFAC compliance officer
b. Identify high-risk areas and provide for appropriate internal controls
c. Train appropriate personnel and ensure independent testing for compliance
, d. All of the above - CORRECT ANSWER✔✔- THE CORRECT ANSWER IS D
• Designate an OFAC compliance officer: every credit union must designate a qualified
individual(s) to be responsible for the day-to-day compliance with OFAC requirements,
including keeping track of updates to the various sanctions' programs, reporting blocked or
rejected transactions to OFAC, and overseeing blocked funds.
• Identify high-risk areas: this means assessing your credit union's membership, product lines,
and nature of the transactions that flow through your institution and identifying the higher-
risk areas for potential OFAC sanctions risk.
• Provide for appropriate internal controls for screening accounts and transactions, updating
OFAC lists (whether manually or using interdiction software), blocking and rejecting
prohibited transactions, and reporting OFAC matches or "hits."
• Establish independent testing for compliance: every credit union should conduct an
independent test of its OFAC compliance program that is performed by the internal audit
department, outside auditors, consultants, or other qualified independent parties.
• Create training programs on the credit union's OFAC compliance procedures and processes
for appropriate personnel in all relevant areas of the institution. The scope and frequency of
the training should be consistent with the credit union's OFAC risk profile and appropriate to
employee responsibilities
The Bank Secrecy Act requires credit unions to collect and retain certain information in
connection with "funds transfers" of: a. Any amount b. More than $10,000 c. $5000 or more
d. $3,000 or more - CORRECT ANSWER✔✔- THE CORRECT ANSWER IS D
The BSA requires credit unions to collect and retain certain information in connection with
"funds transfers" of $3,000.00 or more.
True or false: There are no Travel Rule requirements for beneficiary financial institutions. -
CORRECT ANSWER✔✔- TRUE
