BSA
BSA ACRONYM
WHAT IS BANK SECRECY ACT
CTR ACRONYM
WHAT IS CURRENCY TRANSACTION REPORT
SAR ACRONYM
WHAT IS SUSPICIOUS ACTIVITY REPORT
OFAC ACRONYM
What is the Office of Foreign Assets Control
AML ACRONYM
What is Anti-Money Laundering
A PROGRAM TO IDENTIFY CUSTOMERS
What is Customer Identification Program (CIP)
CTR'S ARE REQUIRED FOR ANY CASH TRANSACTION IN EXCESS OF_____________.
WHAT IS $10,000
THE MINIMUM DOLLAR AMOUNT NEEDED TO FILE A SAR WHEN A SUSPECT CAN BE IDENTIFIED
WHAT IS $5,000
COUNTRIES, INDIVIDUALS AND ENTITIES ON OFAC'S SEPCIFICALLY DESIGNATED NATIONALS (SDN) LIST ARE ________ FROM DOING BUSINESS IN THE U.S.
WHAT IS BLOCKED
THE _______ WAS ENACTED BY CONGRESS IN RESPONSE TO THE SEPTEMBER 11, 2001 TERRORIST ATTACKS ON THE UNITED STATES
WHAT IS THE USA PATRIOT ACT
PROGRAMS USED TO CONTINUALLY CHECK CUSTOMER RECORDS TO ENSURE WE HAVE CURRENT INFORMATION AND TO ASSESS THE RISK ASSOCIATED WITH THE CUSTOMER BASED ON TRANSACTIONS
What is Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD)
THE NUMBER OF YEARS A CTR MUST BE RETAINED FROM FILING DATE
What is 5 years
THE NUMBER OF YEARS A SAR MUST BE RETAINED FROM FILING DATE
What is 5 years
THE GOVERNMENT AGENCY WHO ADMINISTERS AND ENFORCES ECONOMIC AND TRADE SACTIONS UNDER OFAC
What is the U.S. Department of the Treasury
THE 3 STAGES OF MONEY LAUNDERING
What are Placement, Layering, and Integration
A PROGRAM TO IDENTIFY ALL BUSINESS OWNERS
What is the Beneficial Ownership rule
FILING THIS ONE-TIME FORM IS REQUIRED FOR THE BANK TO EXEMPT CERTAIN CUSTOMERS FROM CTR FILING
What is Designation of Exempt Person (DOEP)
A SAR MUST BE REPORTED WITHIN WHAT TIMEFRAME OF WHEN THE INITIAL DETECTION OF FACTS THAT MAY CONSTITUTE A NEED TO FILE A SAR
WHAT IS 30 CALENDAR DAYS
A POSITIVE OFAC MATCH MUST BE CLEARED BY THE ________ PRIOR TO ACCOUNT OPENING/TRANSACTION BEING COMPLETED
What is BSA Officer
MONETARY INSTRUMENT LOGS ARE REQUIRED TO RECORD ALL CASH PURCHASES OF CASHIERS CHECKS, TRAVELERS CHECKS AND MONEY ORDERS IN AMOUNTS OF ______ TO ______
WHAT IS $3,000 AND $10,000
THE TWO PRONGS OF BENEFICIAL OWNERSHIP RULE ARE ________________ AND _____________
What are the Ownership Prong and the Control Prong
THE NUMBER OF CALENDAR DAYS AFTER A REPORTABLE TRANSACTION THE BANK HAS TO FILE THE CTR WITH FINCEN
What is 15
THE FIRST STEP IN SUSPICIOUS ACTIVITY MONITORING
WHAT IS IDENTIFICATION OF UNUSUAL ACTIVITY
THE TARGETS OF OFAC
Who are terrorists, drug traffickers, foreign adversaries, and others posing threats to U.S. interests
BANKS MAY BE EXPOSED TO A HIGHER RISK FOR POTENTIAL MONEY LAUNDERING ACTIVITIES BY MAINTAINING ACCOUNT RELATIONSHIPS WITH THESE TYPES OF NON-BANK FINANCIAL INSTITUTIONS
What are Money Services Businesses (MSBs)