Which of the following statements is true regarding credit unions and Money Services Businesses (MSBs) in relation to the Bank Secrecy Act?

The correct answer indicates that credit unions will not be held responsible for the MSB's BSA/AML program. This is true because, under the Bank Secrecy Act (BSA), each entity, including Money Services Businesses (MSBs) and credit unions, has its own responsibilities regarding compliance with BSA and anti-money laundering (AML) regulations. MSBs are required to implement their own BSA/AML programs, which include designating a compliance officer, conducting risk assessments, and providing training related to BSA regulations.

Credit unions, while they must adhere to their own set of regulations under the BSA, cannot assume responsibility for the compliance efforts of MSBs. Each financial institution is evaluated separately in the context of BSA compliance, and therefore, credit unions are not liable for any deficiencies in an MSB's BSA/AML program.

In the context of financial regulations, this delineation of responsibility is important for ensuring that each institution maintains its compliance independently, which helps facilitate a more robust regulatory environment.