BSA Certification Exam with Accurate
Solutions
T/F: The credit union's BSA Officer is ultimately responsible for the credit union's
compliance. - correct Answer-False
The BSA Officer must be knowledgeable of:
a. The 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. - correct Answer-f. All of the above
T/F: If you are a small credit union (less than $100 million) it is acceptable to have the
BSA Officer identify when BSA- related reports must be filed, fill out the reports, and
determine when members are eligible to be exempt from BSA reporting. - correct
Answer-False
Yes or No: Does a CTR need to be filed when you know a member is placing more than
$10,000 in a Safe Deposit Box? - correct Answer-No, but may need to think about filing
a SAR if the situation feels suspicious.
T/F: Credit Unions are required to file a SAR whenever there is a robbery or burglary
attempt at one of its branches. - correct Answer-False
Fill in the blank: BSA regulations require financial institutions to file a SAR no later than
________ calendar days from the date of the "initial detection" of facts that may
constitute a basis for filing a SAR. If no suspect can be identified, the time period for
filing a SAR can be extended to ____ days. - correct Answer-30; 60
How long must the credit union retain a copy of the SAR and supporting documentation
from the date of the SAR filing?
a. 1 year
b. 3 years
c. 5 years
d. Permanently - correct Answer-c. 5 years
Which one of these statements is false? Credit unions are required to file a SAR with
respect to:
a. Criminal violations aggregating $5,000 or mor involving insider abuse.
, b. Criminal violations aggregating $5,000 or more when a suspect can be identified.
c. Criminal violations aggregating $25,000 or more regardless of potential suspect.
d. Transactions conducted or attempted by, or through the credit union (or an affiliate)
and aggregating $5,000 or more, if the credit union or affiliate knows, suspects, or has
reason to suspect that the transaction may involve potential money laundering or other
illegal activity. - correct Answer-a. Criminal violations aggregating $5,000 or mor
involving insider abuse.
Credit unions must "promptly" notify their board of directors (or its designated
committee) of SAR filings. What does promptly mean?
a. Immediately upon filing the SAR.
b. Upon receipt of a law enforcement requests supporting SAR documentation.
c. Once the number of filings reaches a specific number, designated by the board.
d. At least monthly unless the seriousness of an activity merits immediate reporting. -
correct Answer-d. At least monthly unless the seriousness of an activity merits
immediate reporting.
T/F: A law enforcement inquiry automatically triggers a SAR filing. - correct Answer-
False
Examples of appropriate authorities that may request SAR supporting documentation
include the following. Choose all that apply:
a. Drug Enforcement Administration
b. Internal Revenue Service
c. State Department
d. NCUA or state regulator
e. Credit union's legal counsel - correct Answer-a. Drug Enforcement Administration
b. Internal Revenue Service (IRS)
d. NCUA or state regulator
T/F: The credit union should decline a private law firm's request for the production of a
SAR. - correct Answer-True
T/F: Credit unions are required to comply with a law enforcement agency's request to
keep certain accounts open during an active investigation. - correct Answer-False
What should the credit union obtain before complying with a law enforcement agency's
request to maintain an account?
a. Administrative subpoena
b. Liability waiver from the member
c. Regulator-approval letter
d. Written request indicating the agency, purpose, and duration of the request. - correct
Answer-d. Written request indicating the agency, purpose, and duration of the request.
T/F: Section 314(a) of the USA Patriot Act requires credit unions to maintain a separate
watch list for all subjects of 314(a) information requests. - correct Answer-False
Solutions
T/F: The credit union's BSA Officer is ultimately responsible for the credit union's
compliance. - correct Answer-False
The BSA Officer must be knowledgeable of:
a. The 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. - correct Answer-f. All of the above
T/F: If you are a small credit union (less than $100 million) it is acceptable to have the
BSA Officer identify when BSA- related reports must be filed, fill out the reports, and
determine when members are eligible to be exempt from BSA reporting. - correct
Answer-False
Yes or No: Does a CTR need to be filed when you know a member is placing more than
$10,000 in a Safe Deposit Box? - correct Answer-No, but may need to think about filing
a SAR if the situation feels suspicious.
T/F: Credit Unions are required to file a SAR whenever there is a robbery or burglary
attempt at one of its branches. - correct Answer-False
Fill in the blank: BSA regulations require financial institutions to file a SAR no later than
________ calendar days from the date of the "initial detection" of facts that may
constitute a basis for filing a SAR. If no suspect can be identified, the time period for
filing a SAR can be extended to ____ days. - correct Answer-30; 60
How long must the credit union retain a copy of the SAR and supporting documentation
from the date of the SAR filing?
a. 1 year
b. 3 years
c. 5 years
d. Permanently - correct Answer-c. 5 years
Which one of these statements is false? Credit unions are required to file a SAR with
respect to:
a. Criminal violations aggregating $5,000 or mor involving insider abuse.
, b. Criminal violations aggregating $5,000 or more when a suspect can be identified.
c. Criminal violations aggregating $25,000 or more regardless of potential suspect.
d. Transactions conducted or attempted by, or through the credit union (or an affiliate)
and aggregating $5,000 or more, if the credit union or affiliate knows, suspects, or has
reason to suspect that the transaction may involve potential money laundering or other
illegal activity. - correct Answer-a. Criminal violations aggregating $5,000 or mor
involving insider abuse.
Credit unions must "promptly" notify their board of directors (or its designated
committee) of SAR filings. What does promptly mean?
a. Immediately upon filing the SAR.
b. Upon receipt of a law enforcement requests supporting SAR documentation.
c. Once the number of filings reaches a specific number, designated by the board.
d. At least monthly unless the seriousness of an activity merits immediate reporting. -
correct Answer-d. At least monthly unless the seriousness of an activity merits
immediate reporting.
T/F: A law enforcement inquiry automatically triggers a SAR filing. - correct Answer-
False
Examples of appropriate authorities that may request SAR supporting documentation
include the following. Choose all that apply:
a. Drug Enforcement Administration
b. Internal Revenue Service
c. State Department
d. NCUA or state regulator
e. Credit union's legal counsel - correct Answer-a. Drug Enforcement Administration
b. Internal Revenue Service (IRS)
d. NCUA or state regulator
T/F: The credit union should decline a private law firm's request for the production of a
SAR. - correct Answer-True
T/F: Credit unions are required to comply with a law enforcement agency's request to
keep certain accounts open during an active investigation. - correct Answer-False
What should the credit union obtain before complying with a law enforcement agency's
request to maintain an account?
a. Administrative subpoena
b. Liability waiver from the member
c. Regulator-approval letter
d. Written request indicating the agency, purpose, and duration of the request. - correct
Answer-d. Written request indicating the agency, purpose, and duration of the request.
T/F: Section 314(a) of the USA Patriot Act requires credit unions to maintain a separate
watch list for all subjects of 314(a) information requests. - correct Answer-False