The Bank Secrecy Act was designed to combat what types of activities?
What is Money Laundering, Narcotics Trafficking, Terrorist Activity
100
When is a Currency Transaction report required to be completed?
What is When a person makes one or several currency transactions totaling in $10,000 or more
100
Under what circumstance (s) should a Suspicious Activity Report be filed?
What is If money laundering is suspected and the amount is 5000 or greater.
100
What is the role/responsibility of OFAC?
OFAC is responsible for administering and enforcing sanctions against any parties that cold be involved in illegal activity (such as terrorists, targeted foreign countries, etc..)
200
What are the two key components of the Bank Secrecy Act?
What are Currency Transaction Reports and Suspicious Activity Reports
200
What is the standard form of Identification used to verify an ID for a currency transaction report?
What is a Driver's License
200
The money laundering technique which involves several individuals purchasing monetary instruments, under the 5000 dollar limit, and depositing them into one or more accounts, is referred to as?
What is Smurfing
200
FOR 200: What consequences are institutions that do not comply with OFAC subject to?
Possible fines and even Prison terms.
300
What is the definition of a currency transaction under the Bank Secrecy Act?
What is Any withdrawal or deposit that consists of coin and paper money
300
What other forms of identification can be used in the CTR Verification Process if a driver’s license is unavailable?
What is a Military ID, State ID, Passports, any Identification with a picture, and preferably an address and name
300
What are some activities that are considered to be suspicious, in terms of a SAR?
What is If a person asks about a report being filed for a transaction
- Business making larger currency deposits than normal
- Currency deposits into a business account that usually doesn’t do currency transactions
300
What procedures are financial institutions required to complete in order to comply with OFAC regulations?
What is Check the names of people and business that are opening accounts with the OFAC list
- Compare current account holders names when the OFAC list is updated
400
What dollar amount of currency transactions in a day period is required to be reported to the federal government?
What is $10,000 or more
400
How many days does the branch have to file a CTR after the initial transaction is made?
What is by the 15th day after the transaction was made
400
What is the timeframe in which a suspicious activity report should be filled from the time of the initial transaction?
What is Within 30 days of the initial transaction
400
What does OFAC offer to institutions in order to allow them to create their own written policies and procedures?
What is A template for a written policy is provided on US Treasury Website