BSACS Test Prep Questions and Answers!

BSACS Test Prep Questions and 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. - 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. - 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 - 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: