BSA
It is acceptable to help a member change their transaction to avoid BSA reporting requirements?
True or False
False
A Post Office Box number for the address on a CTR is sufficient?
True or False
False - You must obtain a physical address, the government wants to know where people are located, not where they get their mail.
FinCEN is an acronym for this bureau.
What is the Financial Crimes Enforcement Network?
What the acronym SAR stands for.
What is Suspicious Activity Report?
The USA PATRIOT Act was enacted to further assist in the prevention, detection and prosecution of international money laundering and the financing of terrorism.
True or False
True
The primary objective of this act is the detection and prevention of money laundering and terrorist financing.
Bank Secrecy Act
Cash transactions involving more than this dollar amount will trigger the filing of a CTR.
What is $10,000.
FinCEN is part of this Federal department.
What is Treasury?
If you notice something that seems suspicious, you should keep it to yourself until you have more details. You don't want to draw attention to it until you have all the facts.
True or False
False
What is the program set up to verify the identity of individuals wishing to open an account?
MIP (Member Identification Program)
What is the criminal practice of processing "dirty" money, through a series of transactions so that the funds appear to be from legal activities?
Money Laundering
The credit union has this many calendar days after the "business day" the reportable cash transaction occurred to file a CTR online.
What is 15?
FinCEN mandates the filing of this report.
What are Suspicious Activity Reports (SARs)?
Reporting suspicious activity is a requirement of the Bank Secrecy Act. True or False
True - All suspicious activity must be reported in a timely manner
The number of pillars in a BSA Compliance Program
What is 5?
A person who transfers money acquired illegally on behalf of another person.
What is a Money Mule?
This is a money laundering technique that is common practice where large cash transactions are broken into smaller increments to intentionally avoid regulatory CTR reporting.
What is structuring?
When does a financial institution need to report an OFAC match?
within 10 business days
This is the number of calendar days that the bank has to file a SAR once suspicious activity has been detected.
What is 30?
Fines can be imposed on the credit union, board of directors and employees of the credit union for BSA violations.
True or False
True
Financial Crimes Enforcement Network is the law enforcement agency of the Treasury Department responsible for establishing and implementing policies for detecting financial crimes.
What is FinCEN
True or False: The state law requiring these reports was passed to safeguard the financial industry from threats posed by money laundering and other financial crime.
What is False?
Requirement to search financial records to identify any data match to a particular investigative subject
What is 314a program?
This is the rule that protects credit union employees that file SARs.
What is Safe Harbor?
What is the department that enforces economic sanctions against groups of individuals and countries, such as terrorists and drug traffickers?
OFAC (Office of Foreign Assets Control)