BSA Introduction Exam with Complete
Solutions
Establishes requirements for record keeping and reporting by private individuals, banks,
and other FIs to help identify the source, volume, and movement of currency and other
monetary transactions. - ANS-Bank Secrecy Act of 1970
Requires FIs to file currency reports with the US Treasury, properly identify persons
conducting transactions, and maintain a paper trail by keeping appropriate records of
financial transactions. - ANS-BSA requires what?
-Established money laundering as a federal crime
-Prohibited structuring transactions to evade CTR filings
-Introduced civil and criminal forfeiture for BSA violations
-Directed banks to establish and maintain procedures to ensure and monitor compliance
with the reporting and record keeping requirements of the BSA - ANS-Money
Laundering Control Act of 1986
-Strengthened the sanctions for BSA violations
-Required Suspicious Activity Reports and eliminated previously used Criminal Referral
Forms
-Required verification and record keeping for wire transfers
-Established the Bank Secrecy Act Advisory Group (BSAAG) - ANS-1992 Annunzio-
Wylie AML Act
-Required banking agencies to review and enhance training, and develop anti-money
laundering examination procedures
-Required banking agencies to review and enhance procedures for referring cases to
appropriate law enforcement agencies
-Streamlined CTR exemption process
-Required each Money Services Business (MSB) to be registered by an owner or
controlling person of the MSB
Required every MSB to maintain a list of businesses authorized to act as agents in
connection with the financial services offered by the MSB
-Made operating an unregistered MSB a federal crime
-Recommended that states adopt uniform laws applicable to MSBs - ANS-Money
Laundering Suppression Act of 1994
Developed in April 1996 to be used by all banking organization. Requires banks to file a
report whenever they detect a know or suspected criminal violation or a suspicious
Solutions
Establishes requirements for record keeping and reporting by private individuals, banks,
and other FIs to help identify the source, volume, and movement of currency and other
monetary transactions. - ANS-Bank Secrecy Act of 1970
Requires FIs to file currency reports with the US Treasury, properly identify persons
conducting transactions, and maintain a paper trail by keeping appropriate records of
financial transactions. - ANS-BSA requires what?
-Established money laundering as a federal crime
-Prohibited structuring transactions to evade CTR filings
-Introduced civil and criminal forfeiture for BSA violations
-Directed banks to establish and maintain procedures to ensure and monitor compliance
with the reporting and record keeping requirements of the BSA - ANS-Money
Laundering Control Act of 1986
-Strengthened the sanctions for BSA violations
-Required Suspicious Activity Reports and eliminated previously used Criminal Referral
Forms
-Required verification and record keeping for wire transfers
-Established the Bank Secrecy Act Advisory Group (BSAAG) - ANS-1992 Annunzio-
Wylie AML Act
-Required banking agencies to review and enhance training, and develop anti-money
laundering examination procedures
-Required banking agencies to review and enhance procedures for referring cases to
appropriate law enforcement agencies
-Streamlined CTR exemption process
-Required each Money Services Business (MSB) to be registered by an owner or
controlling person of the MSB
Required every MSB to maintain a list of businesses authorized to act as agents in
connection with the financial services offered by the MSB
-Made operating an unregistered MSB a federal crime
-Recommended that states adopt uniform laws applicable to MSBs - ANS-Money
Laundering Suppression Act of 1994
Developed in April 1996 to be used by all banking organization. Requires banks to file a
report whenever they detect a know or suspected criminal violation or a suspicious
