BSA
BSA=
What is Bank Secrecy Act?
OFAC=
What is Office of Foreign Assets Control?
A report filed for transactions over $10k
What is a CTR?
MIL=
What is Monetary Instrument log?
SAR=
What is Suspicious Activity Report?
How much information is needed to file any three of the BSA reports
As much as possible
The Office of Foreign Assets Control (OFAC) publishes_____________
What is a list of Specially Designated National and blocked persons (SDN)?
Triggers a CTR
What is a transaction over $10k?
Where are MIL logs kept?
What is the teller area?
Responsible for reporting SARs
What is "all employees"?
What is the fine for a BSA violation
Individual financial institution employees, including credit union employees, found willfully violating the BSA are subject to a criminal fine of up to $250,000 or five years in prison, or both.
If you get a match/hit on the OFAC list
Verify the match, notify the BSA officer, stop the transaction
15 Calendar Days
What is the time frame you have to file the CTR?
Where is the CTR form located?
CTR1/Operations/Forms
Financial transactions that appear to represent attempts to launder funds, structure deposits or otherwise violate banking laws.
What is a SAR?
AKA for Bank Secrecy Act
also known as the Anti-Money Laundering (AML) law
OFAC is run
At account opening
CTR should be forwarded _______ day.
What is the same day of the transaction?
What triggers a MIL
any and all transactions where cash in the amounts from $3000.00 to $10,000.00 is used to purchase another form of monetary instrument, i.e. cashiers check, traveler’s checks, money orders, etc.
How long do you have to file a SAR
Who is 30 days?
Three reports for BSA
The Currency Transaction Report (CTR), the Monetary Instrument Log (MIL), and the Suspicious Activity Report (SAR).
Who/what is check using OFAC
All new accounts
Corporate and cashier’s checks -Third party payees of our corporate and cashier’s checks will be checked against the OFAC SDN list.
Payable on Death Beneficiary-Names of POD beneficiaries will be compared to the OFAC SDN list upon distribution of the account.
◦Outgoing wires:
◦Incoming wires:
Correct description of Occupation on a CTR
What is:
retired/nurse
cars salesman
CEO/ credit union
you need to list what they did/do
Bonus**** you do not have to answer a question
The points are all yours.
Triggers a SAR
What is potential money laundering or violations of the BSA?