OFAC
BSA
Suspicious Activity
Onboarding new customers
Some Facts
100

What does the term ”OFAC” mean?

The Office of Foreign Assets Control

100

What does the term “BSA” mean?

Bank Secrecy Act

100

What is an STR?

Suspicious Transaction Report. 

100

What to ask for when opening a new account?

Legal Name

Date of Birth

Physical address

Social Security number/Identifying number

100

Who is Northfield Bank’s BSA Officer?

Christopher Donohue

200

What was the largest dollar amount fined for a company violating OFAC?

$216,000,000.00

A company based out of Silicon Valley, California. 

200

What year was BSA enacted?

BSA was established in 1970. 

200

What is a SAR?

Suspicious Activity Report. 

200

What is CIP?

Customer Identification Program

200

What reality TV couple was found guilty of bank and tax evasion in 2022?

Todd and Julie Chrisley from reality tv series Chrisley Knows Best. 

300

What is the purpose of OFAC?

OFAC administers and enforces economic and trade sanctions. 

300

True or False.

Does BSA aid law enforcement in activities such as money laundering, drug trafficking, tax fraud, and possible terrorist financing?

True

300

True or False.

A customer conducts three $10,000.00 cash deposits on the same day at three branch locations.

Would this warrant a SAR filing?

True. This is called structuring. 

300

What is the purpose of conducting a business site visit?

a few examples below:

an actual business at the address provided

types of products being sold

no illegal activity being conducted

an ATM on the premises 

300

What year was Northfield Bank founded?

1887

400

What countries are currently on the US sanctions list?

Cuba

Iran

North Korea

Russia

Syria

400

What is a CTR?

Currency Transaction Report

400

True or False.

It is permissible to notify a customer that a SAR is being filed on them. 

False

400

True or False.

Is an expired drivers license an acceptable form of ID?

False

400

As a financial advisor this person was responsible for the biggest Ponzi Scheme ever. 

Bernie Madoff. 

500

True or False.

If a US based company does business with any sanctioned country, the US based company will be punished with severe penalties. 

True. 

500

When does a CTR have to be filed?

Any cash deposit or withdrawal over $10,000.01. 

500

A customer suddenly receives four international wire transfers totaling $30,000.00 from a country overseas. The customer then withdraws $30,000.00 in cash. Looking at the account history, the customer never engaged in this type of activity  

What form should the branch staff complete?

Complete an STR. 

500

What is the definition of a new account?

Any formal banking relationship such as deposit account, transaction account, credit account, and safe deposit box. 

500

Who is Northfield Bank’s CEO.

Steven M. Klein