Show:
Abbreviation
OFAC
ERB's BSA Policy
Completing a SAR
Completing a CTR
200
FinCen
What is Financial Crimes Enforcement Network?
200
The division of Department of Treasury that administers and enforces economic trade sanctions.
What is OFAC?
200
These are the three different categories of risk assessment in our CIP Risk Assessment.
What are low, moderate and high?
200
This is the time frame (from hire) in which all bank employees must receive training on the money laundering policy and procedures to ensure the response of monitoring for suspicious activity.
What is 30 days?
200

This is the form number for completing a CTR.

What is FINCEN form 104?

400
CTR
What is Currency Transaction Report?
400

This person is the Bank's OFAC Officer.

Who is Laurie Martin?

400
This is the dates that the board approved our BSA Policy.
What is January 28th & 29th, 2009 (occurs annually)?
400

The Credit Union will report unusual activity or behavior on this form. 

What is a Suspicious Activity Report (SAR)?

400

This is the time frame for CTR record retention.

What is five years?

500
OFAC
What is the Office of Foreign Assets Control?
500

True or False: Any blocked funds will be placed in a segregated, interest-bearing account, which will be subject to routine service charges assessed to accounts of a similar type. 

What is TRUE?

500
These are three of the six categories under the BSA Policy.
What are: Currency & Foreign Transaction Reporting Act Customer Due Diligence Policy Money Laundering Policy Officer of Foreign Asset Control (OFAC) Policy USA Patriot Act Section 314(a) Policy FinCen Customer Identification Policy
500

The Credit Union will report any crime or suspected crime using FinCEN Suspicious Activity Report within how many days of discovery. 

What is 30 days?

500

A person deposits $11,000 in currency to his savings account and withdraws $12,000 from his checking account. How should the CTR be completed?

What is: Report the cash in of $11,000 and cash out of $12,000 because both are reportable transactions?

600
SAR
What is Suspicious Activity Report?
600

The Credit Union will retain all records, reports, licenses, and other materials related to any blocked or rejected transaction for a period of how many years.

What is at least 5 years after OFAC authorizes the release of funds? 

600

True or False: The core systems database is compared to the OFAC Sanctions Lists daily. 

What is TRUE?

600

When filling out a SAR, there are five essential items that must be identified.

What are: Who, What, Where, When and Why?

600

This is the number of days the Credit Union has to file a CTR. 

What is within 15 days of the transaction?

1000
CIP
What is Customer Identification Program?
1000

All new customers are checked against one of these for CIP purposes. If they are opening a new membership or if they are applying for a loan. 

Deposits: What is Efunds/Chexsystems report with OFAC check? Lending: What is a Credit Bureau Report with OFAC check?

1000

Name the system the credit union uses to detect and verify prohibited transactions. 

What is Verafin?

1000

The bank is protected under this rule for filing a SAR.

What is "Safe Harbor"?

1000

A person deposits $11,000 in currency to his savings account and withdraws $3,000 in currency from his checking account. How should the CTR be completed?

What is: Report the $11,000 cash in and no entry for the $3,000 cash out because it doesn't meet the reporting threshold?