Abbreviation
OFAC
BI's BSA Policy
Completing a SAR
Completing a CTR
100
CTR
What is Currency Transaction Report?
100
This person is Bank Iowa's OFAC Officer.
Who is Pat Stafford?
100
This is the dates that the board approved our BSA Policy.
What is January 28th & 29th, 2009 (occurs annually)?
100
Fill in the blank: A SAR must be completed in its ____________.
What is Entirety?
100
This is the time frame for CTR record retention.
What is five years?
200
FinCen
What is Financial Crimes Enforcement Network?
200
The division of Department of Treasury that administers and enforces economic trade sanctions.
What is OFAC?
200
These are the three different categories of risk assessment in our CIP Risk Assessment.
What are low, moderate and high?
200
This is the time frame (from hire) in which all bank employees must receive training on the money laundering policy and procedures to ensure the response of monitoring for suspicious activity.
What is one year?
200
This is the form number for completing a CTR.
What is FINCEN form 104?
300
SAR
What is Suspicious Activity Report?
300
These are two of the blocked entities on the OFAC list.
What are Cuba, Iran, The Taliban, Osama Bin Laden (any two)?
300
This is the category in the risk assessment where the BSA officer or bank officer must okay the opening of an account.
What is high risk?
300
These are the five essential items in which a SAR must identify.
What are: Who, What, Where, When and Why?
300
This is the CTR regulator or BSA Examiner.
Who is the Federal Reserve System FRS?
400
CIP
What is Customer Identification Program?
400
All new customers are checked against one of these for CIP purposes.
What is Chex Systems or Credit Bureau Report? Both services are enhanced with OFAC check?
400
This is the category in the risk assessment where individuals may: ...seem to jump from bank to bank ...have hits on ChexSystems ...be a non-US person
What is Moderate Risk?
400
The bank is protected under this rule for filing a SAR.
What is "Safe Harbor"?
400
A person deposits $11,000 in currency to his savings account and withdraws $3,000 in currency from his checking account. How should the CTR be completed?
What is: Report the $11,000 cash in and no entry for the $3,000 cash out because it doesn't meet the reporting threshold?
500
OFAC
What is the Office of Foreign Assets Control?
500
This is the person accepting or preparing wire transfers who is responsible for checking the receiver/sender against the OFAC list.
Who is the originator or beneficiary by using OFAC inquiry which is built into MIB's wire transfer system. Bank Iowa's also has an OFAC inquiry menu in AS400. (Meika Merrill or Sarah Brady)?
500
These are three of the six categories under the BSA Policy.
What are: Currency & Foreign Transaction Reporting Act Customer Due Diligence Policy Money Laundering Policy Officer of Foreign Asset Control (OFAC) Policy USA Patriot Act Section 314(a) Policy FinCen Customer Identification Policy
500
These are two of the five dollar limits for filing a SAR.
What are: 1) Suspected Insider Abuse: Report any amount. 2) Suspicious transactions where the bank has identified the suspect-report if amount is equal or greater than $5,000. 3) Suspicious transactions where the bank ahs not identified a suspect-report if amount equals or exceeds $25,000. 4) Known violations of the BSA-Report if amount equals or exceeds $5,000. 5) The BSA officer will file SARs for amounts less than those specified above, if he or she has reason to believe the transaction to an illegal activity as defined on the SAR.
500
A person deposits $11,000 in currency to his savings account and withdraws $12,000 in from his checking account. How should the CTR be completed?
What is: Report the cash in of $11,000 and cash out of $12,000 because both are reportable transactions? One CTR can be filed?
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