Abbreviation
CTR
What is Currency Transaction Report?
This person is CBNA's OFAC Officer
Who is Larry Witter?
Numerous currency deposits in amounts just under the CTR reportable amount.
What is structuring?
True or False: A CTR involving a DBA should be filed under the name of the individual who owns the DBA and the DBA should be identified under the designated DBA tab.
What is true?
FinCen
What is Financial Crimes Enforcement Network?
The division of Department of Treasury that administers and enforces economic trade sanctions.
What is OFAC?
Which of the following business types involved in heavy cash activity would be most suspicious and why?
a. Convenience store
b. Sports complex
c. Tax return preparation business
What is a tax return preparation business?
True or False: The amount reported on the CTR should be $13,400.00.
Sarah Johnson brings in cash deposits for “Quick Mart Convenience & Gas”. The cash amount of all the deposits that Sarah brings in for this business is $13,400.00; therefore a CTR is created naming Sarah the transactor and “Quick Mart Convenience & Gas” benefactor.
That same day Sarah also brought in cash deposits for “Dan’s Smoke Shop” totaling $4,350.00. A CTR will not be created for Dan’s Smoke Shop because the total of cash did not exceed $10,000.00.
What is false. Why?
SAR
What is Suspicious Activity Report?
The primary purpose for OFAC.
What are administering economic trade sanctions against persons, entities and countries involved in state sponsored terrorism, drug trafficking, and the proliferation of weapons of mass destruction.
This is the category in the risk assessment where the BSA officer or bank officer must okay the opening of an account.
What is high risk?
What type of criminal activity might a person be involved in who repeatedly brings in large amounts of $20s to exchange for $100s
What is drug dealing?
CIP
What is Customer Identification Program?
Which of the following activities is most suspicious. There may be more than one correct answer:
a. A person asked to exchange (5) $100s for $20s
b. A customer asks to deposit $12,000 cash. Upon being told by the teller that a CTR will need to be filed, the customer changes their mind and leaves the branch without completing the transaction.
c. A customer regularly deposits cash in an amount of $9,900.
What is b and c?
OFAC
What is the Office of Foreign Assets Control?
These are three of the six categories under the BSA Policy.
What are: Currency & Foreign Transaction Reporting Act Customer Due Diligence Policy Money Laundering Policy Officer of Foreign Asset Control (OFAC) Policy USA Patriot Act Section 314(a) Policy FinCen Customer Identification Policy
During the course of performing your job duties at CBNA, you begin to suspect that someone may be involved in terrorist activities. What should you do?
What is notify your manager and the FIU.
A person deposits $11,000 in currency to his savings account and withdraws $12,000 in from his checking account. How should the CTR be completed?
What is: Report the cash in of $11,000 and cash out of $12,000 because both are reportable transactions? One CTR can be filed?