BSA
Currency Transaction Reporting
Sale of Monetary Instruments
USA Patriot ACT CIP
Suspicious Activity Report
100
This is the name of the Bank Secrecy Act Officer.
Who is Pat Stafford?
100
Cash transactions involving more than this dollar amount will trigger the filing of a CTR.
What is $10,000.
100
The bank must maintain record for each bank check or draft, cashier's check, money order or traveler's check it sells or issues for this amount or more in cash?
What is $3,000?
100
When & why did the government enforce CIP?
October 2003. To help the government fight the funding of terrorism and money laundering activities.
100
True or False: It is permissible to notify a customer that a SAR is being filed on them.
What is False?
200
True or False? It is permissible to conduct business with someone on the OFAC list.
What is False?
200
Certain customers can be exempt from CTR reporting by filing this form.
What is a Designation of Exempt Person form?
200
True or False: If a customer purchases a cashier's check for $2,000 and money orders totaling $1,500 on the same day, no record would be necessary because both amounts are below the $3,000 threshold.
What is False?
200
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.
200
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.
300
This is the name of Assistant Bank Secrecy Act Officer.
Who is Chris McDowell?
300
The bank has this many calendar days after the "business day" the reportable cash transaction occurred to file a CTR online.
What is 25?
300
True or False: The bank must maintain different records for non deposit account holders than for deposit account holders when it comes to maintaining information with regards to the purchase of monetary instrument using certain amounts of cash.
What is True?
300
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
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?
400
True or False: It is permissible to conduct a transaction for someone who is on the FinCen list.
What is True?
400
True or False: A customer cashes a check for $15,000. Later that same day, he returns to the bank and deposits $12,000 in cash to his checking account. No CTR would be required because the net cash received by the customer at the end of the day is only $3,000.
What is False?
400
True or False: If a person purchases a cashier's check for $12,000 in cash, a CTR should be filed.
What is True?
400
What are some examples of a type of customer?
Individuals, corporations, partnerships, trust, estates, associations, unincorporated groups.
400
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.
500
These are the three steps that occur in Money Laundering.
What are Placement, Layering and Integration?
500
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.
500
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?
500
How often does FinCen request us to search our customer database?
Every 2 weeks.
500
This is the number of calendar days that the bank has to file a SAR once suspicious activity has been detected.
What is 30?