True or False: The credit union's board of directors is ultimately responsible for the credit union's BSA compliance?

The board of directors of a credit union holds ultimate responsibility for the institution’s compliance with the Bank Secrecy Act (BSA). This responsibility encompasses ensuring that there are appropriate systems and controls in place to comply with BSA regulations, which is crucial to prevent money laundering and terrorist financing.

The board is tasked with overseeing the implementation of compliance programs and policies, providing support for the BSA compliance staff, and ensuring that the organization is actively monitoring compliance requirements. While a BSA Officer may handle the day-to-day activities related to compliance, the board still maintains accountability for the organization's overall adherence to BSA regulations.

The roles of various positions within the credit union, such as the BSA Officer, are critical to the effective management of the compliance program, but they work under the authority and direction of the board. This reflects the board's commitment to integrating compliance into the credit union’s operations and governance structure. Hence, the statement is true, affirming the board's crucial role in BSA compliance initiatives.