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BSACs Exam Prep Questions and
Correct Answers/ Latest Update /
Already Graded
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
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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
The BSA Officer must be knowledgeable of:
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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
Ans: 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.
Ans: False
Regulators recommend that independent test of your BSA program
should be done:
a. Annually
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b. Every 12 to 18 months
c. Whenever necessary
d. Before each exam
Ans: 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
Ans: d. All of the above
Section 326 of the USA Patriot Act requires financial institutions to:
BSACs Exam Prep Questions and
Correct Answers/ Latest Update /
Already Graded
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
The BSA Officer must be knowledgeable of:
,3 | Page
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
Ans: 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.
Ans: False
Regulators recommend that independent test of your BSA program
should be done:
a. Annually
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b. Every 12 to 18 months
c. Whenever necessary
d. Before each exam
Ans: 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
Ans: d. All of the above
Section 326 of the USA Patriot Act requires financial institutions to:
