BSA
A CTR is filed for any cash transactions over what dollar amount?
$10,000.00
When opening a new account, you notice the members address on their ID does not match the address they gave you. What must you obtain?
Verification of address.
What document do you need in order to open a Sole Proprietor Business Account?
Fictitious Business Name Statement.
What do you do if you suspect potential elder abuse?
Fill out an Elder Abuse Report.
What is the fine for not reporting suspicious or unusual activity?
Up to $5,000.00 per fine and up to 5 years jail time.
Please explain structuring.
Breaking up cash transactions in order to avoid reporting limits.
What are some acceptable forms we can accept to verify a members address?
Vehicle registration, Utility bill (not past due), bank statements, voter registration, lease agreement, etc.
Where can you find legally filed business documents?
Secretary of State website.
You are opening a new account and during the questionnaire you notice multiple red flags. What should you do?
Member Bob Jones has a joint account with his wife, Mary Jones and his son, John Jones. Bob comes to your branch to deposit $10,500.00 cash into this account. Who do we list on the CTR?
Bob Jones, Mary Jones and John Jones.
What form should you fill out if you suspect or observe suspicious activity in the branch or on a member's account.
Unusual Activity Referral Form.
Name all four requirements for CIP. *Bonus: What does CIP stand for?
Name, DOB, Address, Identification number. *Customer Identification Program*
Name one type of document we can accept to support a name change.
Marriage certificate or divorce decree.
A member comes into your branch to withdraw $12,000.00 cash. When asked for the reason for the withdrawal, the member states that they are going to take the funds to an ATM and wire the money for a new investment. What does this sound like and what should you do?
This is a scam. Do not complete the transaction.
A member comes to your branch to withdraw $5,000.00. You pull up the account history and see this is the fourth large withdrawal the member has performed this week. What do you do?
Submit a UAR.
A member comes into your branch to deposit $9,000.00 cash. You notice the members occupation listed in Keystone shows he is a part-time pizza delivery driver. When you ask about the cash, the member says it's from his side business which he does not elaborate on. What could this be an example of?
Money Laundering.
A member comes into your branch to open a new business account. During the opening conversation, the member states they have a privately owned ATM in their storefront. What do you do?
Do not proceed with account opening.
You are updating a members occupation profile in Keystone. The member tells you they are currently unemployed but they previously worked at Fidelity as an accountant. How should you list their current occupation?
Unemployed- Accountant
Name two examples of scams or schemes.
Social Media Scams, IRS scam, kidnapping scam, Craigslist scams, Facebook Marketplace scams, check over payment, investment or 'get rich quick' scams.
True or False. Not all CTR's need an explanation or reason for the transaction.
False.
When was the Bank Secrecy Act enacted?
1970.
Name two types of businesses we do not bank at Frontwave.
MSB (Money Serivce Business), MRB (Marijuana Related Business), adult entertainment, pyramid schemes.
True or False. All account owners must be present in order to remove a joint on an account.
False.
An elderly member comes to your branch to make a large cash withdrawal to purchase a car for his granddaughter. The next day, the same member comes in and makes another large cash withdrawal for the same reason. What could this be an example of?
Elder Abuse.
Name a popular TV show that involves money laundering.
Ozarks, The Sopranos, Good Girls, Narcos, Breaking Bad.