Category 1
All financial institutions must keep records for ____ years to make them available for the FinCEN and other regulatory agencies upon request.
5 years
Required to comply with OFAC regulations
All Financial Institution
A score of _____ or higher in OFAC Bridger will need additional steps to determine that the person or entity that are running are not the same as the OFAC hit.
95
Are confidential and the subject of the report is not informed that a report has been filed.
SAR
A member deposits $15,000 in cash and $3,000 in checks. Which form needs to be completed?
Currency Transaction Report (CTR)
An SAR must be filed within _____ calendar days of the transaction.
30
Who is in charge of overseeing and monitoring the BSA/AML Program?
The Compliance Officer
Who is the Compliance Officer at Star One Credit Union?
This log ensures compliance with the Bank Secrecy Act which specifies that financial institutions maintain a monthly log of all sales (to members and non-members) of bank checks or drafts, cashier’s checks, money orders, cash advances, Visa Gift Cards or traveler’s checks involving currency between $3,000.00 to $10,000.00 for members and $3,000.00 or more to non-members.
Monetary Instrument Log (MIL)
Must be filed to Support Services within 3 calendar days of the transaction.
UAR
An ________ is crucial to assess the effectiveness of the BSA/AML program and to identify any gaps or weaknesses
Audits
A CTR must be filed within _____ calendar days of the transaction.
15
What are the information needed to fill out MIL?
Name of Purchaser
Type of Instrument
Date of Purchase
Serial Number(s) of Instrument
Dollar Amount
Address
ID
SSN (non-member)
Tracks and documents unusual activity that doesn’t necessarily indicate illegal activity, but instead out of the ordinary.
UAR (Unusual Activity Report)
Report filed to the Financial Crimes Enforcement Network (FinCEN) for each deposit, withdrawal or exchange of currency or other payment or transfer which involves a transaction in currency of more than $10,000
Currency Transaction Report (CTR)
A member deposits $5,000 and requests a $6,000 cashier's check to a third party. What form must the teller complete?
MIL
This agency enforces economic and trade sanctions against foreign countries, individuals and entities.
OFAC
Information needed for Customer Identification Program (CIP)
Name
Date of Birth
Address
Government Issued Identification Number
When should you run OFAC?
Checks made payable to outside entities
Minors
Beneficiaries
Power of Attorneys
Authorized Users
Non-members
Trust Name
-A ______ is a document that financial institutions and certain other business must file with Financial Crimes Enforcement Network (FinCEN) when they detect or suspect illegal activities, particularly money laundering, fraud, or terrorist financing.
SAR