OFAC
What does the term ”OFAC” mean?
The Office of Foreign Assets Control
What does the term “BSA” mean?
Bank Secrecy Act
What is an STR?
Suspicious Transaction Report.
What to ask for when opening a new account?
Legal Name
Date of Birth
Physical address
Social Security number/Identifying number
Who is Northfield Bank’s BSA Officer?
Christopher Donohue
What was the largest dollar amount fined for a company violating OFAC?
$216,000,000.00
A company based out of Silicon Valley, California.
What year was BSA enacted?
BSA was established in 1970.
What is a SAR?
Suspicious Activity Report.
What is CIP?
Customer Identification Program
What reality TV couple was found guilty of bank and tax evasion in 2022?
Todd and Julie Chrisley from reality tv series Chrisley Knows Best.
What is the purpose of OFAC?
OFAC administers and enforces economic and trade sanctions.
True or False.
Does BSA aid law enforcement in activities such as money laundering, drug trafficking, tax fraud, and possible terrorist financing?
True
True or False.
A customer conducts three $10,000.00 cash deposits on the same day at three branch locations.
Would this warrant a SAR filing?
True. This is called structuring.
What is the purpose of conducting a business site visit?
a few examples below:
an actual business at the address provided
types of products being sold
no illegal activity being conducted
an ATM on the premises
What year was Northfield Bank founded?
1887
What countries are currently on the US sanctions list?
Cuba
Iran
North Korea
Russia
Syria
What is a CTR?
Currency Transaction Report
True or False.
It is permissible to notify a customer that a SAR is being filed on them.
False
True or False.
Is an expired drivers license an acceptable form of ID?
False
As a financial advisor this person was responsible for the biggest Ponzi Scheme ever.
Bernie Madoff.
True or False.
If a US based company does business with any sanctioned country, the US based company will be punished with severe penalties.
True.
When does a CTR have to be filed?
Any cash deposit or withdrawal over $10,000.01.
A customer suddenly receives four international wire transfers totaling $30,000.00 from a country overseas. The customer then withdraws $30,000.00 in cash. Looking at the account history, the customer never engaged in this type of activity
What form should the branch staff complete?
Complete an STR and CTR
What is the definition of a new account?
Any formal banking relationship such as deposit account, transaction account, credit account, and safe deposit box.
Who is Northfield Bank’s CEO.
Steven M. Klein