CERTIFIED BANK SECRECY ACT OFFICER
(CBSAO) EXAM – QUESTIONS AND CORRECT
ANSWERS
1. What is the primary purpose of the Bank Secrecy Act (BSA)?
A. To promote international trade
B. To prevent money laundering and terrorist financing
C. To regulate interest rates
D. To oversee stock market transactions
B. To prevent money laundering and terrorist financing
The BSA was enacted to detect and prevent financial crimes, including
money laundering and terrorist financing.
2. Which form is used to report a cash transaction exceeding
$10,000?
A. SAR
B. CTR
C. FBAR
D. OFAC report
B. CTR
Currency Transaction Reports (CTRs) are filed for cash transactions
over $10,000 to monitor large cash movements.
3. Which of the following is an example of a suspicious activity?
A. Customer deposits exactly $9,900 repeatedly
B. Customer opens a checking account
C. Customer withdraws $50 from ATM
D. Customer transfers money between their own accounts
A. Customer deposits exactly $9,900 repeatedly
Structuring transactions to avoid reporting thresholds is considered
suspicious activity.
,4. What does SAR stand for?
A. Suspicious Activity Report
B. Secure Account Record
C. Special Audit Report
D. Standard Accounting Regulation
A. Suspicious Activity Report
SARs are filed to report potential money laundering or suspicious
transactions.
5. Who is responsible for filing a SAR?
A. The customer
B. The bank
C. The IRS
D. The FDIC
B. The bank
Financial institutions are required to file SARs when suspicious activity
is detected.
6. What agency enforces the Bank Secrecy Act?
A. SEC
B. FINRA
C. FinCEN
D. FDIC
C. FinCEN
The Financial Crimes Enforcement Network (FinCEN) administers and
enforces the BSA.
7. What is the filing deadline for a CTR?
A. 24 hours after the transaction
B. 15 days after the transaction
C. 30 days after the transaction
D. End of the month
B. 15 days after the transaction
, Banks must file CTRs within 15 days of a reportable cash transaction.
8. Which of the following is required under BSA customer due
diligence?
A. Verifying customer identity
B. Monitoring for suspicious transactions
C. Understanding customer’s financial profile
D. All of the above
D. All of the above
Customer Due Diligence (CDD) involves identification, monitoring, and
understanding the customer.
9. What is the threshold for filing a CTR for multiple related
transactions?
A. $5,000
B. $10,000
C. $15,000
D. $20,000
B. $10,000
Multiple transactions that aggregate to $10,000 or more within a single
business day require a CTR.
10. What is the purpose of an AML program?
A. To improve customer service
B. To prevent, detect, and report money laundering activities
C. To calculate bank profits
D. To enforce loan compliance
B. To prevent, detect, and report money laundering activities
Anti-Money Laundering (AML) programs are designed to comply with
BSA regulations.
11. Which of the following is considered a high-risk customer?
A. Long-term employee of a local company
B. Politically Exposed Person (PEP)
(CBSAO) EXAM – QUESTIONS AND CORRECT
ANSWERS
1. What is the primary purpose of the Bank Secrecy Act (BSA)?
A. To promote international trade
B. To prevent money laundering and terrorist financing
C. To regulate interest rates
D. To oversee stock market transactions
B. To prevent money laundering and terrorist financing
The BSA was enacted to detect and prevent financial crimes, including
money laundering and terrorist financing.
2. Which form is used to report a cash transaction exceeding
$10,000?
A. SAR
B. CTR
C. FBAR
D. OFAC report
B. CTR
Currency Transaction Reports (CTRs) are filed for cash transactions
over $10,000 to monitor large cash movements.
3. Which of the following is an example of a suspicious activity?
A. Customer deposits exactly $9,900 repeatedly
B. Customer opens a checking account
C. Customer withdraws $50 from ATM
D. Customer transfers money between their own accounts
A. Customer deposits exactly $9,900 repeatedly
Structuring transactions to avoid reporting thresholds is considered
suspicious activity.
,4. What does SAR stand for?
A. Suspicious Activity Report
B. Secure Account Record
C. Special Audit Report
D. Standard Accounting Regulation
A. Suspicious Activity Report
SARs are filed to report potential money laundering or suspicious
transactions.
5. Who is responsible for filing a SAR?
A. The customer
B. The bank
C. The IRS
D. The FDIC
B. The bank
Financial institutions are required to file SARs when suspicious activity
is detected.
6. What agency enforces the Bank Secrecy Act?
A. SEC
B. FINRA
C. FinCEN
D. FDIC
C. FinCEN
The Financial Crimes Enforcement Network (FinCEN) administers and
enforces the BSA.
7. What is the filing deadline for a CTR?
A. 24 hours after the transaction
B. 15 days after the transaction
C. 30 days after the transaction
D. End of the month
B. 15 days after the transaction
, Banks must file CTRs within 15 days of a reportable cash transaction.
8. Which of the following is required under BSA customer due
diligence?
A. Verifying customer identity
B. Monitoring for suspicious transactions
C. Understanding customer’s financial profile
D. All of the above
D. All of the above
Customer Due Diligence (CDD) involves identification, monitoring, and
understanding the customer.
9. What is the threshold for filing a CTR for multiple related
transactions?
A. $5,000
B. $10,000
C. $15,000
D. $20,000
B. $10,000
Multiple transactions that aggregate to $10,000 or more within a single
business day require a CTR.
10. What is the purpose of an AML program?
A. To improve customer service
B. To prevent, detect, and report money laundering activities
C. To calculate bank profits
D. To enforce loan compliance
B. To prevent, detect, and report money laundering activities
Anti-Money Laundering (AML) programs are designed to comply with
BSA regulations.
11. Which of the following is considered a high-risk customer?
A. Long-term employee of a local company
B. Politically Exposed Person (PEP)
