SSHHH- It's a SECRET
MUCHO Dinero
Something Smells "Fishy"
The BULLETIN
What the "OFAC"?!
100
This act was enacted to further assist in the prevention, detection, and prosecution of international money laundering and the financing of terrorism.
What is the US Patriot Act?
100
This dollar amount triggers the BSA requirements to complete a Currency Transaction Report (CTR).
What is over $10,000.00?
100
This is the name of the report to be filed if the credit union knows, suspects, or has reason to suspect that a crime or suspicious transaction related to money laundering or a violation of the BSA has been conducted or attempted by, at, or through the credit union.
What is a Suspicious Activity Report or SAR?
100
Mitigating risk factors should only be included in sections that present....
High Risk
100
OFAC stands for this.
What is Office of Foreign Assets Control?
200
This Act requires certain records and reports that are useful in criminal, tax, or regulatory investigations, and to protect against international terrorism.
What is the Bank Secrecy Act?
200
This is the term for accounts that do not require a CTR completed & filed for their reportable transactions.
What is Exempt?
200
Are previous relationship memos considered an acceptable source for writers? AND if so, is there a cut off date? Must answer both correctly...NO partial credit :-)
Yes, previous relationship memos may be used to source information for the new relationship memo. The July, 2015 date only relates to RA Activities. BUT be sure to check and make sure that previous memo information has not changed.
200
DAILY DOUBLE (As it stands now) Which template will be used to write memos for the audit uplift cases (those with existing memos)
The WFCRC template
200
This is a list of over 6000 names of companies and individuals that are connected with OFAC sanction targets and are located throughout the world.
What is the SDN or Specially Designated Nationals or Blocked Persons list?
300
Credit union employees are prohibited from helping members avoid the BSA requirements of completing this form, for certain transactions.
What is a CTR or Currency Transaction Report?
300
True/False A member cashes a check for $15,000.00 and then later in the day returns with $12,000.00 in cash to deposit. A CTR would not be required because the net cash we recieved that day was only $3000.00.
What is False?
300
Should ownership structure be included for publicly traded companies?
NO - "Per the Wholesale CDD Standards, ownership of the customer is not required." would suffice in the Ownership/ Operational risk section of the memo.
300
DAILY DOUBLE Which memo template will be used for cases without existing memos? AND where is it located? (MUST ANSWER BOTH)
The Cornerstone template (located in RESEARCH TAB of ECM
300
This is the goverment program that oversees OFAC.
What is the U.S. Department of Treasury?
400
This is the process of disguising illegal sources of money so that it looks like it came from legal sources.
What is money laundering?
400
This is who should be listed on a CTR, if the reportable transaction occurs on a jointly owned account.
Who is ALL Account Owners?
400
The new name for suspicious activity.
What is Anti-Money Laundering?
400
Should mitigating factors be included in sections that do not have high risks?
NO - New guidance from the client indicates that mitigating factors are ONLY needed when high risk attributes are identified in the section. *Be sure to bullet them in a new section; do not include them in the paragraph describing the risk.
400
This is how we check new customers/members against the OFAC list.
What is ChexSystems?
500
OFAC is a public list, this is the name of a non-public list that our members also are checked against.
What is the FinCEN 314 (a) list?
500
These are the acceptable forms of identification that can be used & recorded on a CTR.
What are drivers license, passport, or other state issued picture ID?
500
Are there any guidelines for Relationship memo font style or size?
NO, there are no stylistic guidelines from the client as long as the content is accurate and concise.
500
Should the Southwest Border State Transportation SARF be included in the Industry or Country risk section of the memo?
Southwest Border State details should ONLY be included in the Country Risk section of the memo.
500
According to OFAC, this is who must be checked against the OFAC list, before conducting any transaction.
What is every individual and entity?
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