What is a primary responsibility of the BSA Compliance Officer?

• A. Coordinating and monitoring day-to-day BSA/AML compliance
• B. Setting overall corporate strategy
• C. Managing the IT help desk
• D. Approving customer credit limits

Answer: (A)

The main idea being tested is that the BSA Compliance Officer is responsible for the ongoing, day-to-day management of the BSA/AML program. This role involves implementing and maintaining the policies and controls, training staff, monitoring transactions for potential money laundering or terrorist financing, and coordinating with regulators as needed. It’s about keeping the program active and effective on a daily basis, including ensuring timely suspicious activity reporting and addressing any gaps as they arise.

Other options fit different parts of an organization: setting overall corporate strategy is the realm of senior leadership, not a compliance function; managing the IT help desk is an IT operation task; approving customer credit limits is a credit risk management duty.