OFAC
CTR/SAR
Money Laundering
Red Flags/Credit Reporting
MISC
100
This governmental office administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign, countries, terrorists, drug traffickers and others that may be engaged in similar activities.
What is Office of Foreign Assets and Control(OFAC)
100
The amount of cash in/out in one business day which requires a CTR to be filed
What is $10,000.01...Must be filed within 15 days of transaction being completed, member can be informed it will be completed
100
The practice of engaging in specific financial transactions in order to conceal the identity, source, and/or destination of money, and is a main operation of underground economy
What is money laundering
100
Look for these to detect, prevent and mitigate Identity theft issues that may arise during the regular course of business
What is red flags , follow policies and procedures
100
True or False, A teller may skip the CTR Worksheet that pops up if the transaction they have just performed is under $10,000
What is False, there may have been other transaction on the same account that you are unaware of. Episys aggregates the total of qualifying transactions
200
During these two transactions Episys automatically checks to ensure we are not doing business with someone on the OFAC SDN list
What is check disbursal and account opening
200
Sometimes members will try to break up one transaction into multiple transactions to avoid currency transaction report filing
What is structuring
200
True of False, Employees may be jailed, fined and/or fired for encouraging members to structure transactions to avoid report filing
What is True
200
While speaking with a member they tell you they are not receiving their paper monthly account statements, discuss the following with him
What is Verify address, see if they have e-statements, check mail codes, review notes on account, verify transaction history
200
True or False, The credit union policy allows for wires to be sent internationally
What is False
300
This is what the risk department does when an employee calls with an OFAC match.
What is re-create the transaction, review the matches, try to disqualify the match, inform the employee if they may continue and note the account
300
The number of days that the CU has to file a SAR after identifying suspicious activity
What is 30 days
300
All of the credit union's members and non-member joints etc. are checked daily to verify that they do not match this list
What is the OFAC SDN list
300
True or False, At account opening an individual provides a driver's license issued by the state of "Arkansaw", which is spelled incorrectly. This is a Red Flag
What is True
300
Each morning the Risk Department uses this software to view and investigate the IAT(international ACH Transactions) and domestic ACH transactions.
What is Bridger Insight
400
The commonly used acronym OFAC stands for this
What Office of Foreign Assets and Control
400
This pops up when a teller completes a transaction that is over the $10,000 CTR limit and must be completed by the teller.
What is CTR Checklist, teller must hit submit after completing and Episys create a tracking record
400
The Credit Union employees that completes and submits the CTRs
What is the Branch Manager/ Mbr Service Manager
400
This department handles disputes from our members regarding our reporting to the credit bureaus
What is the Risk Dept
400
The four pieces of information that must be obtained from an individual before they may become a member
What is Name, SSN, DOB, Physical address
500
This department updates the OFAC SDN list in Episys
What is The IS Dept.
500
The process Risk follows when an employee notifies it of suspicious activity with a member.
What is The risk department investigates and files SAR if necessary in Verafin
500
SARs and CTRs are filed with this agency
What is FinCen...Financial Crimes Enforcement Network
500
This software is used to monitor member's accounts and alert employees of any unusual activity , possible money laundering or possible red flags that may have been missed by employees
What is Verafin
500
The Credit Union's Anti-Money Laundering Officer
What is Risk Manager
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