BSACS 101 Exam Prep questions well answered A+ graded 2025/2026
latest update
1. True or False: The credit
False
union's BSA Officer is ulti-
mately responsible for the
credit union's BSA compli-
ance.
2. The BSA Officer must
be knowledgeable of: The answer is f. The BSA Officer is
a. The BSA, and related expected to be fully knowledgeable of
reg- ulations; the Bank Secrecy Act and all related
b. The credit union's regulations, as well as understand the
prod- ucts and money laundering and terrorist
services; financing risks associated with the
c. The credit union's mem- credit union's products, services,
bers; members, and geographic locations of
d. The credit union's neigh- each credit union office and branch.
borhoods; The BSA Officer should be in a
e. a & b position to regularly apprise the
f. All of the above. senior management staff and the
board of directors of ongoing
3. True or False: If you are compliance with the BSA/AML
a small credit union requirements.
(less than $100 million) it is
acceptable to False. As part of the credit
have the BSA Officer union's internal controls, you must
identi- fy when BSArelated have policies and procedures in place
reports must be filed, fill to limit and control risks associated
out the reports, and with BSA/AML. Such internal controls
determine when members include the
are
eligible to be exempt from
BSA reporting.
4. Regulators recommend
that independent testing of
your BSA
program should be done: The answer is b. The frequency of
a. Annually the required independent testing is
b. Every 12 to 18 months not specifically defined in the
regulation, however, the regulators
, BSACS 101 Exam Prep questions well answered A+ graded 2025/2026
latest update
recommend that it be done
every 12 to 18 months,
depending on the credit
union's risk profile.
, BSACS 101 Exam Prep questions well answered A+ graded 2025/2026
latest update
c. Whenever necessary
d. Before each exam
5. Which of the following The answer is d. Although
prod- ucts and attempts to launder money or
services may have a higher conduct other illegal activities
risk for illegal through a credit union can emanate
activities? from many different sources, certain
a. Wire transfers products, services, members, and
b. Monetary instruments geographic locations may be more
c. Traveler's Checks vulnerable or have historically been
d. All of the above known to be abused by money
launderers and criminals. For
example, some products and services
may allow a higher degree of
anonymity ( such as electronic funds
payments), or involve the handling of
high volumes of currency (such as
monetary instruments like cashier's
6. The identification and checks, money orders, and traveler's
verifi- cation rules do checks).
NOT apply to which of the
following? The correct answer is "b." The
a. Joint owners CIP/MIP regulations apply to
b. Beneficiaries anyone applying to open an
c. Co-borrowers account, which
d. Non-resident aliens includes any accountholder on the
e. Applies to A, B, C & D. account (members and non-members).
This will include joint owners and
trustees, as well as both resident and
non-resident aliens.
However, beneficiaries are not signers
on an account and may not even know
they are beneficiaries; therefore, they
are not included on this list.
Additionally, the definition of
"account" means any "formal banking
or business relationship established to
7.
provide an ongoing service, dealing, or
, BSACS 101 Exam Prep questions well answered A+ graded 2025/2026
latest update
other financial transaction."
This definition is broad
enough to include loans,
and therefore co-borrowers
would also fall under the
requirements.
latest update
1. True or False: The credit
False
union's BSA Officer is ulti-
mately responsible for the
credit union's BSA compli-
ance.
2. The BSA Officer must
be knowledgeable of: The answer is f. The BSA Officer is
a. The BSA, and related expected to be fully knowledgeable of
reg- ulations; the Bank Secrecy Act and all related
b. The credit union's regulations, as well as understand the
prod- ucts and money laundering and terrorist
services; financing risks associated with the
c. The credit union's mem- credit union's products, services,
bers; members, and geographic locations of
d. The credit union's neigh- each credit union office and branch.
borhoods; The BSA Officer should be in a
e. a & b position to regularly apprise the
f. All of the above. senior management staff and the
board of directors of ongoing
3. True or False: If you are compliance with the BSA/AML
a small credit union requirements.
(less than $100 million) it is
acceptable to False. As part of the credit
have the BSA Officer union's internal controls, you must
identi- fy when BSArelated have policies and procedures in place
reports must be filed, fill to limit and control risks associated
out the reports, and with BSA/AML. Such internal controls
determine when members include the
are
eligible to be exempt from
BSA reporting.
4. Regulators recommend
that independent testing of
your BSA
program should be done: The answer is b. The frequency of
a. Annually the required independent testing is
b. Every 12 to 18 months not specifically defined in the
regulation, however, the regulators
, BSACS 101 Exam Prep questions well answered A+ graded 2025/2026
latest update
recommend that it be done
every 12 to 18 months,
depending on the credit
union's risk profile.
, BSACS 101 Exam Prep questions well answered A+ graded 2025/2026
latest update
c. Whenever necessary
d. Before each exam
5. Which of the following The answer is d. Although
prod- ucts and attempts to launder money or
services may have a higher conduct other illegal activities
risk for illegal through a credit union can emanate
activities? from many different sources, certain
a. Wire transfers products, services, members, and
b. Monetary instruments geographic locations may be more
c. Traveler's Checks vulnerable or have historically been
d. All of the above known to be abused by money
launderers and criminals. For
example, some products and services
may allow a higher degree of
anonymity ( such as electronic funds
payments), or involve the handling of
high volumes of currency (such as
monetary instruments like cashier's
6. The identification and checks, money orders, and traveler's
verifi- cation rules do checks).
NOT apply to which of the
following? The correct answer is "b." The
a. Joint owners CIP/MIP regulations apply to
b. Beneficiaries anyone applying to open an
c. Co-borrowers account, which
d. Non-resident aliens includes any accountholder on the
e. Applies to A, B, C & D. account (members and non-members).
This will include joint owners and
trustees, as well as both resident and
non-resident aliens.
However, beneficiaries are not signers
on an account and may not even know
they are beneficiaries; therefore, they
are not included on this list.
Additionally, the definition of
"account" means any "formal banking
or business relationship established to
7.
provide an ongoing service, dealing, or
, BSACS 101 Exam Prep questions well answered A+ graded 2025/2026
latest update
other financial transaction."
This definition is broad
enough to include loans,
and therefore co-borrowers
would also fall under the
requirements.
