CTR
What does CTR stand for and why is it important?
Federal regulations require banks to report certain large-currency transactions to the government on a Currency Transaction Report (CTR) to avoid money laundering.
True or false: When a known customer calls into the branch and wants a balance, we don't need to do anything specific because we know the customer.
False: We must clearly state "because you are a known customer" or "because I know you" before proceeding with giving out the information
Customer asks for $10 in quarters in place of $10 bill, Amanda doesn't enter enter a currency exchange into the system... was she right?
Yes, anything under $25 does not need to recorded when swapping currency.
(Nothing over $25 for non-client)
As a banker, what is your teller authority limit?
$50K but with a great rewards comes great risk. Did with KYC? Do we check the fraud triangle?
Jerome presented a check for $8K he wanted deposited into his account, in the same session he asked for his PNC payroll check to be cashed, then deposited as cash for $3k. Do we need a CTR?
No, there was no physical cash involved in the transaction.
What is the fraud triangle?
Does the transaction make sense? Where is the branch located? Where does the customer live? Where do they work? Where is the check from?
Watch how Amanda counts her cash... is she right?
No, money should never shuffle between the hands, you need to count it by separating it.
How many signatures are needed on a paper ticket?
2
Mark came in to deposit $11K in cash into Mary's account... who is the conductor of the CTR?
Mark
True/False: SIR stands for, specific inventory request
False: It's a security incident report that the branches utilize during any type of incident within the branch.
Watch Amanda with her customer... what did she do wrong?
She walked away from her money unattended
What is the exception for single custody on a paper ticket?
Must have an email from someone approving the ticket, save the email and mark it on the ticket.
Mark came in to deposit $11K into Mary's checking account and Tom's checking account... who is the beneficiary of the CTR?
Mary & Tom
True or false:
You ask for two forms of ID and the customer begins using inappropriate language. It's okay for you to ask them to stop and when they don't, you call the police.
False. Utilize the 3 E's, ask the customer not to use such language and try to aid them through their transaction. Get your manager and together once the situation has calmed down, you fill out the abusive language sharepoint.
Watch Amanda with her customer, what did she do wrong?
She took a large deposit from a customer that was over drawer limit, then without securing it called the next customer up.
If the all-clear signal isn't set... what do you do?
Go to your "safe haven" that the branch has agreed to and call security command to verify the branch is cleared to enter.
Customer deposits $3k cash into their checking, $2k cash into their savings, $2,500 into their son's savings and swaps $4k in twenties for $4k in hundreds. Do we need to complete a CTR?
Yes, 11,500 in cash was presented
Customer comes to your counter, displeased about the check cashing fee because they do not bank with us. They pull their phone out and start recording, refusing to leave, do you:
A-Pull your alarm and then call the police
B-Smile for the camera
C-Inform the customer they do not have your permission to record.
C-State do to privacy reasons the customer cannot video you and if they persist, you walk away from the interaction and get your manager.
Amanda took a deposit from the customer, after counting the cash once she noticed it was a wrong amount. She advised the customer who said okay to continue with the change and Amanda processed the ticket... what should Amanda have done once the customer confirmed the new amount.
Made the change on the slip and then had the customer initial it, or make an entirely new slip before processing the transaction.
What does FEEVA stand for and why is important?
Financial Exploitation of an Elder or Vulnerable Adult (FEEVA) is the actual or attempted illegal, improper or unauthorized use of an Elder or Vulnerable Adult’s funds, property or assets by deception, intimidation or similar means. It's to protect our customers!