BSA
What does BSA stand for?
Bank Secrecy Act
Community Reinvestment Act was enacted in 197(?)
CRA was founded in 1977.
What is the purpose of a teller stamp?
To easily identify the teller running the transaction
When there are multiple OFAC hits, how many should be cleared?
If there are multiple OFAC hits, all of those need to be cleared.
How many people should initial the night drop, mail, or courier log? When?
Two associates should initial the log AFTER it is verified.
Who is responsible for preventing money laundering?
EVERYONE!
Where is our CRA documentation located?
In a red book in the lobby.
What 3 things qualify a deposit ticket as "fully completed"?
All withdrawal and deposit tickets are fully completed with name, account number and written amounts.
According to Reg CC, when is a client's $225 available to them?
Next BUSINESS day
Instead of being scribbled out, how should an incorrect log entry be adjusted?
The adjustment should be crossed off with a single line.
Who is the BSA Officer?
Lisa Wray
What does CRA stand for?
Community Reinvestment Act
True or False - a CSA must initial and stamp a deposit ticket if the deposit contains cash
True
When should we timestamp a Safe Deposit Box Entry Card?
All access cards need to have a TIME IN and TIME OUT stamp each time a client enters their safe deposit box.
Tasks should be initialed AFTER the task has been completed.
What does AML stand for?
Anti Money Laundering
What is "redlining"?
To refuse a loan to someone because they live in an area deemed to be a poor financial risk.
What does it mean if a client is known?
The associate is able to greet them by first and last name in an outside setting.
What would you do if a client asked for mortgage rates?
Refer them to a mortgage officer.
What is something that should NEVER be used on a dual control log?
Wite-out or correction tape!
What is the purpose of BSA?
Help prevent financial institutions from being used as tools by criminals to hide or launder illegal funds.
Who is the CRA Officer?
Lisa Wray
Name 3 pieces of information could be documented on a withdrawal ticket for an unknown client?
-SSN
-DOB
-Driver's License Number
-Passport
DAILY DOUBLE
What does APY and APR stand for?
Courier logs - list at least two things that need to be on the log.
-Deposit amount
-Type of Transaction
-Associate initials for verification and completion
-Bag Number