Red Flags
What is identity theft?
Identity theft means fraud (committed or attempted) using the identifying Information of another person without authority.
When should you fill out a CTR?
Any cash transaction OVER 10,000
What is the purpose of a SAR?
The purpose of a Suspicious Activity Report is to report known or suspected violations of law or any suspicious activity observed by employees of financial institutions in order to help law enforcement investigate money laundering or terrorist financing activities.
What does BSA stand for?
Bank Secrecy Act
What is a red flag?
A red flag is a pattern, practice, or specific activity indicating the possible existence of identity theft.
How soon should a SAR be completed?
SARs must be completed no later than 30 days after the date the transaction was determined suspicious.
What is the purpose of the Bank Secrecy Act?
The Bank Secrecy Act (BSA) is intended to aid investigations in a number of criminal activities.
what is an example of an identity theft red flag?
Photo Id doesn't match
ID appears forged or altered
Inconsistent Personal Information Provided
Account Use is Inconsistent with Established Patterns
Dormant Account Becomes Active
For compliance reasons you must always tell the mbr when completing a SAR
FALSE
Customer Due Diligence
You notice that a member is structuring to avoid filling out a CTR what should you do?
Fill out a SAR
When should you fill out a SAR?
A Suspicious Activity Report must be completed if you knows, suspects, or have reason to suspect a violation of Federal Law.
What is structuring?
Structuring is the act of breaking a single large CASH deposit or withdrawal into smaller amounts to avoid the requirement of filing a Currency Transaction Report (CTR).
What is the procedure when someone has put their info in phishing text?
If funds have NOT been taken from the acc: Flag the account, help mbr change pins/passwords