Deposits
Who is the Beneficiary on an Individual/Joint Personal account?
ALL owners of the account
Who is the beneficiary for a Withdrawal from an individual/joint personal account with POD?
All owner(s) of the account
Who is the beneficiary when an individual uses cash to purchase a money order?
the individual
What is the CTR Threshold requirement?
transaction(s) more than $10,000
If there is one borrower, who is the beneficiary?
The sole borrower
Who is the Beneficiary on a Trust Account?
The Trust
If the bank does NOT have knowledge that all owners are benefiting from the transaction, who is the beneficiary of this withdrawal?
Individual conducting the transaction
If a our business customer uses cash to purchase a cashiers check from the business, who is the beneficiary?
The name of the business/entity
Who is the Conductor?
The individual conducting the transaction
What is a beneficiary?
The individual(s) or entity(ies) that benefit(s) from the transaction.
No - It is the proprietor(s) or owner
What is a Customer On Us check?
A customer cashing a check written by another bank customer
The proprietor/owner
Can the Conductor be a Business Entity?
No
What is an aggregate transaction?
Multiple currency transactions totaling over $10,000 during one business day are treated as a single transaction (for CTR purposes) if the bank has knowledge that they are by or on behalf of the same person.
Who is the beneficiary of a Corporation, LLC, LLP, Partnership, Public Fund or Government Agency?
The name of the entity/business
If someone is cashing a check from a business account, who is the beneficiary?
The payee of the check, unless the check is made payable to cash, then it is for the business
Jack pays cash for a Cashier's Check for Jack's Pizza King, LLP. Who is the beneficiary?
Jack's Pizza King
Would you submit a CTR if the transactions were handled by multiple people on the same account?
Yes
Name 5 types of reportable Currency transactions
Deposits -Withdrawals -Currency Exchanges (i.e. exchanging one denomination for another)
-Foreign Currency-Foreign Currency Exchanges (i.e. buying or selling)-Cash/Change Orders
-Loan Payments -Loan/Credit Card Advances
(ATM) Transactions-Monetary Instrument Purchases
Aggregate Transactions
What can happen if we do not comply with BSA regulations?
Disciplinary action up to and including termination of the team member, Substantial criminal penalties for the team member, Substantial civil penalties for the Bank
In the case of a married couple sole proprietorship account, who is the beneficiary?
both spouses
Who is the beneficiary for a money order purchased for a Trust?
The Trust name is the beneficiary
What is My Check?
A customer writing a check out of their checkbook or a teller check for cash.
Are business signers beneficiaries?
no