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Certified Bank Secrecy Act Officer (CBSAO)
certification Exam|| Verified Questions and Correct
Answers with EXPLANATIONS|| Newest Exam!!!
The BSA Officer must be knowledgeable of:
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 - Answer-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. - Answer-False
Regulators recommend that independent test of your BSA
program should be done:
a. Annually
b. Every 12 to 18 months
c. Whenever necessary
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d. Before each exam - Answer-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 - Answer-d. All of the above
Section 326 of the USA Patriot Act requires financial
institutions to: - Answer-1. implement reasonable
procedures to verify the identity of any person seeking to
open an account
2. maintain records of the information used to verify the
person's identity
3. determine whether the person appears on any lists of
known or suspected terrorists or terrorist organizations
provided to the FI by any government agency
4. provide the member opening a new account with notice
of the information collection requirement.
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A financial institution's CIP should be tailored to: - Answer-
1. it's size
2. location
3. types of accounts offered
4. methods of opening accounts; and
5. any other risk factors the FI believes affects its CIP
procedures
What four pieces of information are credit union's required
to collect on each new member? - Answer-1. name
2. address
3. date of birth
4. identification number
What are the two methods a credit union can use to verify
identity? - Answer-1. documentary
2. non-documentary
What does the credit union's CIP procedures have to
describe? - Answer-1. how the identity will be verified
Certified Bank Secrecy Act Officer (CBSAO)
certification Exam|| Verified Questions and Correct
Answers with EXPLANATIONS|| Newest Exam!!!
The BSA Officer must be knowledgeable of:
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 - Answer-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. - Answer-False
Regulators recommend that independent test of your BSA
program should be done:
a. Annually
b. Every 12 to 18 months
c. Whenever necessary
,2|Page
d. Before each exam - Answer-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 - Answer-d. All of the above
Section 326 of the USA Patriot Act requires financial
institutions to: - Answer-1. implement reasonable
procedures to verify the identity of any person seeking to
open an account
2. maintain records of the information used to verify the
person's identity
3. determine whether the person appears on any lists of
known or suspected terrorists or terrorist organizations
provided to the FI by any government agency
4. provide the member opening a new account with notice
of the information collection requirement.
, 3|Page
A financial institution's CIP should be tailored to: - Answer-
1. it's size
2. location
3. types of accounts offered
4. methods of opening accounts; and
5. any other risk factors the FI believes affects its CIP
procedures
What four pieces of information are credit union's required
to collect on each new member? - Answer-1. name
2. address
3. date of birth
4. identification number
What are the two methods a credit union can use to verify
identity? - Answer-1. documentary
2. non-documentary
What does the credit union's CIP procedures have to
describe? - Answer-1. how the identity will be verified
