True or False: Small credit unions can have the BSA officer handle all CTR related decisions.

The correct answer is that it is false that small credit unions can have the BSA officer handle all Currency Transaction Report (CTR) related decisions. While a BSA officer has significant responsibilities regarding compliance with the Bank Secrecy Act, including the oversight of matters related to CTRs, the decision-making process cannot rest solely on one individual, regardless of the institution's size.

Effective BSA compliance requires a framework of controls and procedures that involve multiple stakeholders and a separation of duties to ensure checks and balances. Relying on a single person for all decisions may lead to insufficient oversight and increase the risks associated with compliance failures. Thus, it is essential that even small credit unions implement policies that promote collaboration and oversight instead of concentrating authority with one individual.

This approach not only mitigates risks but also reinforces the importance of collective responsibility in maintaining compliance with regulatory requirements.