BSA 1 - BSA-AML ACTUAL QUESTIONS WITH

BSA 1 - BSA-AML (ACTUAL / ) QUESTIONS WITH

CORRECT ANSWERS | VERIFIED

• You have been asked to make a report to the Board about

the Bank Secrecy Act (BSA). Which statement best describes the intent of the BSA?

• To mandate that all persons must be treated fairly when

applying for credit

• To coordinate housing data for purposes of identifying

possible discriminatory housing practices

• To make money laundering more difficult and to prevent

banks from becoming unknowing intermediaries in illicit activity

• To require that banks make check deposits available within

a specified period of time

ID:189B0E0AA9C74E21ACEF269A7A981CED - --Answers---c.

A is incorrect because this describes the purpose of the Equal Credit Opportunity Act. B is incorrect because this describes the primary purpose of Home Mortgage Disclosure Act. D is incorrect because it describes the primary purpose of the Expedited Funds Availability Act and Reg CC.

• The money laundering process has three distinct stages.

Which option describes the layering stage?

• Money is placed into the financial system in order to hide

the true source of the funds from law enforcement authorities 1 / 2

• Illegal funds are integrated into the legitimate financial

system using additional transactions to create the appearance of legality through the purchase of assets

• Clean proceeds of legal activity are contributed or

transferred to actors for use in terrorist objectives

• Proceeds of criminal activity are separated from their

origin through the use of multiple levels of complex financial transactions

ID:48350C7007A44AB8BF7262F1E615F237 - --Answers---d.

A is incorrect because it is the description of the placement stage. B is incorrect because it is the description of the integration stage. C is incorrect because it is the description of one method terrorists use to fund their objectives.

• Which statement accurately describes the impact of money

laundering on society?

• Money laundering is restricted to financial institutions and

therefore weakens the banking system

• Money laundering is under control through the increased

efforts of bank employees and FinCEN

• Money laundering has a minimal impact on society as a

whole but severely impacts the financial industry

• Money laundering is not isolated to financial institutions

and affects society as a whole

ID:8B627408639D41939512C684F89A9F9E - --Answers---d.

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