BSA
These are the initials of the current BSA/AML officer.
What is KR?
A cash transaction over this amount requires the filing of a CTR.
What is $10,000.00?
What the acronym OFAC stands for.
What is Office of Foreign Assets Control?
What the acronym SAR stands for.
What is Suspicious Activity Report?
AML
What is Anti-Money Laundering?
The number of US Treasury Department exceptions allowed to conduct business with individuals named on the OFAC list.
What is zero?
The credit union has this many calendar days from the day of the transaction to file a CTR.
What is 15 days?
The non-member dollar amount of on-us checks that requires OFAC verification.
What is $3,000.00?
The number of calendar days that the credit union has to file a SAR once suspicious activity has been detected.
What is 30 days?
CTR
What is Currency Transaction Report?
The timeframe in which credit union staff must receive Bank Secrecy Act training.
What is annually?
The person who a completed CTR is submitted to.
Who is the BSA Officer?
The timeframe in which FinCEN requires the credit union to search our member database.
What is every two weeks?
Currency transactions intended to evade CTR reporting.
What is structuring?
MIP
What is Member Identification Program?
The number of years credit unions are required to retain BSA related documents.
What is five?
The individual(s) who is/are informed that a CTR is being filed and whom the CTR is completed with.
Who is/are the transacting member(s)?
This is the dollar amount that requires an OFAC verification on private party vehicle sellers.
What is all?
The credit union group who SAR filings are reported to.
Who are the board of directors?
FinCEN
What is Financial Crimes Enforcement Network?
The three steps that occur in money laundering.
What are placement, layering, and integration?
The number of designated employees that review the daily aggregate transaction report.
What is two?
The name of the section, or list, that allows financial institutions to share information with each other.
What is 314(b)?
This is the rule that protects credit union employees that file SARs.
What is Safe Harbor?
US PATRIOT Act
What is Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act?