Show:
BSA
Currency Transaction Reporting
Suspicious Activity Report
USA Patriot ACT CIP
100

This is the name of report required to be filed for cash transactions involving more than $10,000.

What is Currency Transaction Report?

100
Cash transactions involving more than this dollar amount will trigger the filing of a CTR.
What is $10,000.
100
True or False: It is permissible to notify a customer that a SAR is being filed on them.
What is False?
100
When & why did the government enforce CIP?
October 2003. To help the government fight the funding of terrorism and money laundering activities.
200

This is the name of a non-public list that customers are checked against.

What is 314(a)?

200

The bank has this many calendar days after the "business day" the reportable cash transaction occurred to file a CTR online.

What is 25?

200
True or False: If you notice something that seems suspicious, you should keep it to yourself until you have more details. You don't want to draw attention to it until you have all the facts.
What is False?
200
What are the 4 pieces of identifying information required to open an account?
1. Legal Name. 2. Date of Birth. 3. Physical Address. 4. Identifying Number.
300
This is the name of the method of money laundering in which negotiable instruments were purchased for cash below the currency transaction reporting threshold.
What is structuring or smurfing?
300

Per OFAC, these must be check against the OFAC list, prior to conducting a transactions.

Who are individuals and entities?

300
What are some requirements of SAR reporting?
1. Customer CANNOT be told of filing. 2. Must be reported to the Board at the Next Meeting. 3. Loss of SAFE Harbor if any discussion of SAR filing takes place by any bank employee or board member.
300

Name of what the Bank Secrecy Act is enforced by.

What is the Financial Crimes Enforcement Network (FinCEN)?

400
These are the three steps that occur in Money Laundering.
What are Placement, Layering and Integration?
400
This is how long a customer must maintain an account for and how many CTRs must be filed before a customer can be eligible for exemption.
What is 2 months and 5 transactions.
400
This is the number of calendar days that the bank has to file a SAR once suspicious activity has been detected.
What is 30?
400

How often does FinCen request the bank to search our customer database?

Every 2 weeks.

500
True or False? It is permissible to conduct business with someone on the OFAC list.
What is False?
500
Certain customers can be exempt from CTR reporting by filing this form.
What is a Designation of Exempt Person form?
500
What are some reasons to file a SAR?
Insider abuse by an employee; violations of law aggregating over $5,000 or more where a subject can be identified; violations of law aggregating over $25,000 or more regardless of a potential subject; transactions aggregating $5,000 or more that involve potential money laundering or violations of the Bank Secrecy Act; computer intrusion; or when a financial institution knows that a customer is operating as an unlicensed money services business.
500

What is the definition of an account?

Any formal banking relationship such as deposit account, transaction account, credit account or extension of credit, safe deposit box.