HERITAGE
CTR & SAR
What is a Currency Transaction Report and a Suspicious Activity Report?
What is the log used to record cash purchases over $3,000 and where is it located?
Monetary Instrument Log - "F" drive in the cashier's check/money order/monetary log folder
Penley/ChexSystems
What system is used by the bank to verify identity on a deposit account?
BSA
What is the Bank Secrecy Act? It was designed to detect and prevent money laundering.
FINCEN
What is the Financial Crimes Enforcement Network? Every 2 weeks we review a report of potential name matches.
When is it necessary to file a CTR?
Over $10,000 cash deposit or withdrawal in one business day
CIP
What is the Customer Information Program?
AML
What is Anti Money Laundering?
Privately Owned ATM
What is an ATM located at a business establishment that is not a bank?
How many days does the bank have to file a SAR from the time of detection?
30 days
Process of using banks to exchange "dirty" money for "clean" money
What is Money Laundering?
Three Primary Pieces of ID Accepted when opening a new account
What are DL, Passport, Military ID, US Alien Card?
Three pieces of secondary ID that are accepted when opening a new account
What are Insurance Card, Credit Card, Social Security Card, Utility Bill, Hunting License, etc.?
How many days does the bank have to file a CTR?
15 calendar days
How many years must the bank retain documents on a closed account?
5 years
Job loss, removed from banking industry, prison time, monetary fines
What are some Penalties for BSA violations?
A cash deposit on Monday for $9,900, cash deposit of $9,900 on Tuesday, cash deposit of $9,900 on Wednesday.
What is an example of structuring deposits to avoid the Over $10,000 CTR filing rule?
Payments or receipts with no apparent business purpose.
What is suspicious behavior?
Cash deposit of $4,500 made on Saturday and cash deposit of $6,000 made on Monday. CTR Yes/No?
Yes - $10,500
Beneficial Ownership Form
What is now required to document business owners that have more than a 25% share in the business and document the controlling person of a business.
OFAC & SDN
What is the Office of Foreign Assets Control/Specially Designated Nationals
4 mandatory pieces of info required to open a new account
What is Driver's License, Social Security Number, Date of Birth and Physical Street Address.
Exempt BSA Customer
What is a customer that has been approved to make cash deposits or withdrawals over $10,000 where no CTR is filed?
When a Caregiver or other individual shows excessive interest in an elder's finances or assets, does not allow the elder to speak for himself.
What is possible Financial Elder Abuse?
Patriot Act and name two places it is located
What is the Act that was put into place after 9/11 to help deter financial crimes? Notice in lobby and on desks.