BSA
The primary objective of this act is the detection and prevention of money laundering and terrorist financing.
Bank Secrecy Act
This is the name of report required to be filed for cash transactions involving more than $10,000.
What is Currency Transaction Report or CTR?
Its primary goals is to deter and punish terrorist acts, enhance law enforcement investigatory tools, and strengthen measures against money laundering and terrorism financing.
What is the USA Patriot Act?
This is the name of a non-public list that customers are checked against.
What is 314(a)?
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?
This triggering event led to the passing of the USA patriot Act and Title II of the Act.
Was is the terrorist acts on the World Trade Center in 2001 or September 11th attacks.
Name one of the 5 Pillars of a BSA Program
Internal Policies, Procedures, and Controls
Appointment of a BSA/AML Officer
Periodic Officer, Director and Employee Training
Independent testing of the BSA/AML Program
A risk based Member Due Diligence Program
The bank has this many calendar days after the "business day" the reportable cash transaction occurred to file a CTR online.
What is 15?
This division of the US Department of the Treasury administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries and regimes, terrorists, international narcotics traffickers.
Office of Foreign Assets and Control (OFAC)
The primary purpose of this rule under the USA Patriot Act is to verify the identity of members opening new accounts.
What is the CIP policy?
The process of depositing unlawful cash proceeds into an account at a financial institution
What is Placement?
This is a money laundering technique that is common practice where large cash transactions are broken into smaller increments to intentionally avoid regulatory CTR reporting.
What is structuring?
Enhanced Due Diligence (EDD) measures under the USA PATRIOT Act are specifically targeted towards
High Risk Members
A person who transfers money acquired illegally on behalf of another person.
What is a Money Mule?
True or False: The state law requiring these reports was passed to safeguard the financial industry from threats posed by money laundering and other financial crime.
What is False?
Non-compliance with the USA PATRIOT Act can result in
Regulatory Enforcement Acttions