This dollar amount triggers the BSA requirements to complete a Currency Transaction Report (CTR).
What is over $10,000.00?
100
This is the name of the report to be filed if the credit union knows, suspects, or has reason to suspect that a crime or suspicious transaction related to money laundering or a violation of the BSA has been conducted or attempted by, at, or through the credit union.
What is a Suspicious Activity Report or SAR?
100
This act was enacted to further assist in the prevention, detection, and prosecution of international money laundering and the financing of terrorism.
What is the US Patriot Act?
100
OFAC stands for this.
What is Office of Foreign Assets Control?
200
This Act requires certain records and reports that are useful in criminal, tax, or regulatory investigations, and to protect against international terrorism.
What is the Bank Secrecy Act?
200
This is the term for accounts that do not require a CTR completed & filed for their reportable transactions.
What is Exempt?
200
True/False
All SARs the credit union files must be reported to our Board of Directors.
What is true?
200
DAILY DOUBLE
The requirement(s) of the Customer Identification Program.
What is "Know Your Member" or Obtain & Verify Identifying Information for all new customers/members?
200
This is a list of over 6000 names of companies and individuals that are connected with OFAC sanction targets and are located throughout the world.
What is the SDN or Dpecially Designated Nationals or Blocked Persons list?
300
Credit union employees are prohibited from helping members avoid the BSA requirements of completing this form, for certain transactions.
What is a CTR or Currency Transaction Report?
300
True/False
A member cashes a check for $15,000.00 and then later in the day returns with $12,000.00 in cash to deposit. A CTR would not be required because the net cash we recieved that day was only $3000.00.
What is False?
300
True/False
Credit Union employees are prohibited from informing a member that a SAR is being completed on them.
What is true?
300
DAILY DOUBLE The form we use, through the FSP tool: Print/View Front Office Forms, to record member's CIP information.
What is the Membership ID Card?
300
This is the goverment program that oversees OFAC.
What is the U.S. Department of Treasury?
400
This is the process of disguising illegal sources of money so that it looks like it came from legal sources.
What is money laundering?
400
This is who should be listed on a CTR, if the reportable transaction occurs on a jointly owned account.
Who is ALL Account Owners?
400
The new name for suspicious activity.
What is Anti-Money Laundering?
400
These are the 4 pieces of information which we must obtain for every new member, as required by the US Patriot Act.
What is legal name, date of birth, phisycal addresss, and ID # (SSN, EIN or similar officially issues identification number)?
400
This is how we check new customers/members against the OFAC list.
What is ChexSystems?
500
OFAC is a public list, this is the name of a non-public list that our members also are checked against.
What is the FinCEN 314 (a) list?
500
These are the acceptable forms of identification that can be used & recorded on a CTR.
What are drivers license, passport, or other state issued picture ID?
500
What you should do if you notice activity that appears suspicious.
What is do not discuss with the member, do not discuss with employees, report it to your immediate supervisor/manager?
500
The "customer" when opening an LLC (Limited Liability Corporation), for CIP purposes.
What is the LLC and ALL Authorized Signers?
500
According to OFAC, this is who must be checked against the OFAC list, before conducting any transaction.