BSACS Certification questions with complete solutions
1. Multiple monetary instrument pur-
One purchase when
chases during one business day
instruments total $3,000 or
are treated as .
more
2. True or False: The credit union's BSA
Officer is ultimately responsible for
False. The credit union's
the credit union's BSA compliance.
board of directors is
3. The BSA Officer must be ultimately responsible for
knowledge- able of: the credit union's
compliance.
4. True or False: If you are a small credit
union (less than $100 million) it is ac- All of theses
ceptable to have the BSA Officer
iden- tify when BSA-related reports
must be filed, fill out the reports, and False. As part of the credit
determine when members are eligible union's internal controls, you
to be ex- empt from BSA reporting. must have policies and
procedures in place to limit
5. Regulators recommend that and control risks associated
indepen- dent testing of your BSA with BSA/AML.
program should be done:
6. Which of the following products
and services may have a higher risk Every 12 to 18 months
for illegal activities?
7. The identification and verification
rules do NOT apply to which of All of the these
the following?
8. Yes or No: Does the CIP/MIP rule
pro- hibit a minor from opening an Beneficiaries
ac- count?
No. The CIP/MIP rule states
9. Yes or No: Must a credit union veri- that the credit union's
fy the accuracy of all of the "member" in- cludes an
identify- individual who opens the
1/
15
, BSACS Certification questions with complete solutions
account for an individual who lacks
legal capacity, such as a minor.
No. The regulation provides that a
credit union's CIP/MIP must con- tain
procedures for verifying the
2/
15
1. Multiple monetary instrument pur-
One purchase when
chases during one business day
instruments total $3,000 or
are treated as .
more
2. True or False: The credit union's BSA
Officer is ultimately responsible for
False. The credit union's
the credit union's BSA compliance.
board of directors is
3. The BSA Officer must be ultimately responsible for
knowledge- able of: the credit union's
compliance.
4. True or False: If you are a small credit
union (less than $100 million) it is ac- All of theses
ceptable to have the BSA Officer
iden- tify when BSA-related reports
must be filed, fill out the reports, and False. As part of the credit
determine when members are eligible union's internal controls, you
to be ex- empt from BSA reporting. must have policies and
procedures in place to limit
5. Regulators recommend that and control risks associated
indepen- dent testing of your BSA with BSA/AML.
program should be done:
6. Which of the following products
and services may have a higher risk Every 12 to 18 months
for illegal activities?
7. The identification and verification
rules do NOT apply to which of All of the these
the following?
8. Yes or No: Does the CIP/MIP rule
pro- hibit a minor from opening an Beneficiaries
ac- count?
No. The CIP/MIP rule states
9. Yes or No: Must a credit union veri- that the credit union's
fy the accuracy of all of the "member" in- cludes an
identify- individual who opens the
1/
15
, BSACS Certification questions with complete solutions
account for an individual who lacks
legal capacity, such as a minor.
No. The regulation provides that a
credit union's CIP/MIP must con- tain
procedures for verifying the
2/
15
