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Examen

BSACs Exam Prep Questions and Correct Answers/ Latest Update / Already Graded

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What are the five pillars of an effective BSA/AML compliance program? Ans: 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? Ans: New staff, BSA Compliance Officer, Board of Directors, and all appropriate personnel 2 | Page True/False: BSA/AML training should be tailored to the person's specific responsibilities Ans: True How often does BSA training need to be conducted? Ans: Every 12 to 18 months What records of the BSA training program do credit unions need to keep? Ans: 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? Ans: True

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1 | Page



BSACS Test Prep Questions and Correct
Answers/ Latest Update / Already
Graded
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.

,2 | Page

Ans: 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.


Ans: 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)?

,3 | Page




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


Ans: 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:

, 4 | Page

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.

Información del documento

Subido en
1 de marzo de 2025
Número de páginas
55
Escrito en
2024/2025
Tipo
Examen
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