BSACs Exam Prep questions with correct
verified detailed answers latest updated
version 2025
What are the five pillars of an effective BSA/AML compliance
program? --- correct precise answer ---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? --- correct precise
answer ---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 --- correct precise answer ---True
,How often does BSA training need to be conducted? --- correct precise
answer ---Every 12 to 18 months
What records of the BSA training program do credit unions need to
keep? --- correct precise answer ---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? --- correct precise
answer ---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 --- correct precise answer ---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. --- correct precise
answer ---False
Regulators recommend that independent test of your BSA program
should be done:
a. Annually
b. Every 12 to 18 months
c. Whenever necessary
d. Before each exam --- correct precise answer ---b. Every 12 to 18
months
Which of the following products and services could possibly pose a
higher risk for illegal activities?
a. Wire transfers
b. Monetary instruments
c. Traveler's checks
d. All of the above --- correct precise answer ---d. All of the above
verified detailed answers latest updated
version 2025
What are the five pillars of an effective BSA/AML compliance
program? --- correct precise answer ---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? --- correct precise
answer ---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 --- correct precise answer ---True
,How often does BSA training need to be conducted? --- correct precise
answer ---Every 12 to 18 months
What records of the BSA training program do credit unions need to
keep? --- correct precise answer ---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? --- correct precise
answer ---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 --- correct precise answer ---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. --- correct precise
answer ---False
Regulators recommend that independent test of your BSA program
should be done:
a. Annually
b. Every 12 to 18 months
c. Whenever necessary
d. Before each exam --- correct precise answer ---b. Every 12 to 18
months
Which of the following products and services could possibly pose a
higher risk for illegal activities?
a. Wire transfers
b. Monetary instruments
c. Traveler's checks
d. All of the above --- correct precise answer ---d. All of the above
