BSA
OFAC
CTR
MIL
SAR
100

BSA=

What is Bank Secrecy Act?

100

OFAC=

What is Office of Foreign Assets Control?

100

A report filed for transactions over $10k

What is a CTR?

100

MIL=

What is Monetary Instrument log?

100

SAR=

What is Suspicious Activity Report?

200

How much information is needed to file any three of the BSA reports

As much as possible

200

The Office of Foreign Assets Control (OFAC) publishes_____________

What is a list of Specially Designated National and blocked persons (SDN)?

200

Triggers a CTR

What is a transaction over $10k?

200

Where are MIL logs kept?

What is the teller area?

200

Responsible for reporting SARs

What is "all employees"?

300

What is the fine for a BSA violation

Individual financial institution employees, including credit union employees, found willfully violating the BSA are subject to a criminal fine of up to $250,000 or five years in prison, or both.

300

If you get a match/hit on the OFAC list

Verify the match, notify the BSA officer, stop the transaction

300

15 Calendar Days

What is the time frame you have to file the CTR?

300

Where is the CTR form located?

CTR1/Operations/Forms

300

Financial transactions that appear to represent attempts to launder funds, structure deposits or otherwise violate banking laws.  

What is a SAR?

400

AKA for Bank Secrecy Act

also known as the Anti-Money Laundering (AML) law

400

OFAC is run

At account opening

400

CTR should be forwarded _______ day.

What is the same day of the transaction?

400

What triggers a MIL

any and all transactions where cash in the amounts from $3000.00 to $10,000.00 is used to purchase another form of monetary instrument, i.e. cashiers check, traveler’s checks, money orders, etc.

400

How long do you have to file a SAR

Who is 30 days?

500

Three reports for BSA

The Currency Transaction Report (CTR), the Monetary Instrument Log (MIL), and the Suspicious Activity Report (SAR).

500

Who/what  is check using OFAC

All new accounts

Corporate and cashier’s checks -Third party payees of our corporate and cashier’s checks will be checked against the OFAC SDN list.

Payable on Death Beneficiary-Names of POD beneficiaries will be compared to the OFAC SDN list upon distribution of the account. 

◦Outgoing wires: 

◦Incoming wires:

500

Correct description of Occupation on a CTR

What is:

retired/nurse

cars salesman

CEO/ credit union

you need to list what they did/do

500

Bonus**** you do not have to answer a question 

The points are all yours. 

500

Triggers a SAR

What is potential money laundering or violations of the BSA?