CTRs
This federal report must generally be filed when a customer conducts cash transactions totaling more than this amount in a single business day.
What is $10,000
Employees may tell a customer that a SAR has been filed if the customer asks directly.
What is False (SAR filings are confidential).
You are signing in to a company application from a new work laptop and receive an MFA request that matches your login attempt.
What is an MFA prompt that is likely safe to approve?
This is what I must do when a customer purchases a cashiers check with more than $3,000 in cash.
What is ensure the person purchasing is a customer and have properly ID'd the individual; then report the transaction to the BSA Officer.
This is the reality show that she would go on if she had the opportunity.
What is Jersey Shore?
A customer makes a $6,000 cash deposit in the morning and a $5,000 cash deposit in the afternoon (before end of business day). Under CTR rules, banks must do this with those transactions.
What is aggregate them and file a CTR?
This suspicious activity occurs when a customer breaks up cash transactions into smaller amounts to avoid CTR reporting requirements.
What is structuring? Structuring is illegal and no one should ever help a customer do so.
This U.S. Treasury department administers and enforces economic and trade sanctions against target countries, individuals, and organizations. Full name needed to receive points.
What is Office of Foreign Assets Control? OFAC
This is the period of time we are required to retain all BSA related records.
What is 5 years?
A coworker calls and asks you to approve an MFA request for testing purposes.
What is a request that should never be approved without personally initiating the login and verifying its legitimacy?
Unlike checks, ACH transfers, or wires, this type of transaction triggers CTR reporting requirements when it exceeds the reporting threshold.
What is a cash transaction?
An MFA notification appears on your phone while you are eating lunch and not attempting to log in to any system.
What is a time when you should NOT approve an MFA prompt?
Before opening an account or processing certain transactions, financial institutions should perform this action to ensure customers are not on the OFAC sanctions list.
What is OFAC screening?
These are the 6 customers that Bluff View Bank has identified as exempt from CTR reporting.
Who are:
Express Mart, Lakeside Restaurant (Blue Moon), Frenchville Trailer Sales, Fergusons Morningside Orchard, Eckers Apple Farm, West Prairie Winery.
This is the number of siblings she has.
What is 4?
You are logging into your company email from your usual device, and an MFA prompt appears immediately after entering your password.
What is a time when you should approve an MFA prompt?
Employees should fill out this form and turn it in to whom to report suspicious activity.
What is the Suspicious Activity Reporting Form found in the Shared drive > Forms folder and also in the Teller Manual < Forms folder. Form should be turned in to BSA Officer, currently Jennifer Elliott.
This OFAC list contains the names of individuals, entities and organizations with whom U.S. persons are generally prohibited from conducting business. Full name needed to receive points.
What is the Specially Designated Nationals List (SDN List)?
These are the 2 requirements that must be met before exempting a customer from CTR requirements.
What are:
1) they have maintained a transaction account for at least 2 consecutive months.
2) they make at least 5 transactions in excess of $10,000 per year.
This is the number of chickens that she has... and has named each one of them.
What is 20?
Noodle, Dinner, Drumstick, Nugget, Rotisserie, Penelope, Phil, Crispy, Cajun, Curly, Dumpling, Chuck Norris, Al Peepchino, Penelope, Buckwheat, Meatball, Dottie, Betty, Beatrice and Bertha.
Name 2 of the 3 most common errors when completing a CTR at Bluff View Bank.
1. What is not rounding the cash total UP?
2. What is not entering the true address of the business?
3. What is not entering the true Occupation?
This is one of the 3 most common triggers for SAR filing.
What is:
1) Structuring or Money Laundering
2) Fraud - Check Fraud, Identity Theft, Government or Healthcare benefits fraud
3) No apparent economic purpose
A financial institution discovers a customer is an exact match to a sanctioned individual/entity on the SDN List. The institution may be required to take this action with the customer's funds or property.
What is blocking (freezing) the assets?
You receive 15 MFA prompts in 10 minutes and become annoyed, even though you have not signed in anywhere.
What is a situation where you should deny the requests and report to IT.
This is how she drinks her coffee.
What is with a little maple syrup, little caramel sauce and cream.