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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.
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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)?
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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:
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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.
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.
