| Bank Secrecy Act | USA PATRIOT Act | Suspicious Activity Report (SAR) | Currency Transaction Report (CTR) | Sale of Monetary Instruments |
| 10 | 10 | 10 | 10 | 10 |
| 20 | 20 | 20 | 20 | 20 |
| 30 | 30 | 30 | 30 | 30 |
| 40 | 40 | 40 | 40 | 40 |
| 50 | 50 | 50 | 50 | 50 |
| Final Question | ||||
Who is the Bank Secrecy Act Officer?
Who is the Bank Secrecy Act Officer?
Jo Israel
T/F Is is acceptable to help a customer structure a transaction to avoid BSA reporting requirements.
T/F Is is acceptable to help a customer structure a transaction to avoid BSA reporting requirements.
False
What report is required for cash transactions involving more than $10,000?
What report is required for cash transactions involving more than $10,000?
Currency Transaction Report (CTR)
T/F Fines can be imposed on the Bank, directors, partners, officers and employees of the bank for BSA violations.
T/F Fines can be imposed on the Bank, directors, partners, officers and employees of the bank for BSA violations.
True
What are the three steps that occur in money laundering?
What are the three steps that occur in money laundering?
Placement, Layering and Integration
What is the acronym that refers to Customer Identification Program?
What is the acronym that refers to Customer Identification Program?
CIP
T/F The USA PATRIOT Act was enacted to further assist in the prevention, detection and prosecution of international money laundering and the financing of terrorism.
T/F The USA PATRIOT Act was enacted to further assist in the prevention, detection and prosecution of international money laundering and the financing of terrorism.
True
T/F Bank of Utah is the only bank required to collect information such as legal name, date of birth, physical address and identifying number. None of the other banks ever request such information from their customers.
T/F Bank of Utah is the only bank required to collect information such as legal name, date of birth, physical address and identifying number. None of the other banks ever request such information from their customers.
False
What five pieces of information must the bank obtain for every new customer as required by the USA PATRIOT Act?
What five pieces of information must the bank obtain for every new customer as required by the USA PATRIOT Act?
Full legal name, Physical Address, Government Issued Identification, Tax Identification Number, Date of birth
T/F A customer must be given notice as to the Bank's requirements to obtain and verify the customer's identify.
T/F A customer must be given notice as to the Bank's requirements to obtain and verify the customer's identify.
True
T/F It is permissible to notify a customer that a SAR is being filed on them.
T/F It is permissible to notify a customer that a SAR is being filed on them.
False
T/F The SAR requirements contain three categories of suspicious transactions, which are: Funds or Assets Involving an Illegal Activity, Evading Bank Secrecy Act Regulations and Transactions with no Business or Apparent Lawful Purpose.
T/F The SAR requirements contain three categories of suspicious transactions, which are: Funds or Assets Involving an Illegal Activity, Evading Bank Secrecy Act Regulations and Transactions with no Business or Apparent Lawful Purpose.
True
T/F If you notice something that seems suspicious you should keep it to yourself until you have more details. You don't want to draw attention to it until you have all the facts.
T/F If you notice something that seems suspicious you should keep it to yourself until you have more details. You don't want to draw attention to it until you have all the facts.
False
List a few red flags for suspicious activity.
List a few red flags for suspicious activity.
Activity non consistent with the customer's business, unusual characteristics or activities, attempts to avoid reporting or recordkeeping requirements, certain fund/wire transfer activities, customer who provides insufficient or suspicious information
What is a common tactic used to launder money, specifically to place funds into the financial system?
What is a common tactic used to launder money, specifically to place funds into the financial system?
Structuring
What is the dollar amount that triggers a CTR filing?
What is the dollar amount that triggers a CTR filing?
$10,000.01
T/F Certain customers can be exempt from CTR reporting.
T/F Certain customers can be exempt from CTR reporting.
True
T/F A customer cashes a check for $15,000. Later that same day he returns to the Bank and deposits $12,000 in cash to his checking account. No CTR would be required.
T/F A customer cashes a check for $15,000. Later that same day he returns to the Bank and deposits $12,000 in cash to his checking account. No CTR would be required.
False
How many calendar days after the 'business day' the reportable cash transaction occurred does the Bank have to file a CTR?
How many calendar days after the 'business day' the reportable cash transaction occurred does the Bank have to file a CTR?
15
List a few pieces of information that you must collect to complete a CTR.
List a few pieces of information that you must collect to complete a CTR.
Name, Address, SSN, Date of birth, Occupation, Identification
Within what dollar amounts must you complete an Application to Purchase when a monetary instrument is purchased with cash?
Within what dollar amounts must you complete an Application to Purchase when a monetary instrument is purchased with cash?
$3,000 and $10,000
What form is required when a monetary instrument is purchased with $3,000 to $10,000 cash?
What form is required when a monetary instrument is purchased with $3,000 to $10,000 cash?
Application to Purchase
Does the Bank sell monetary instruments to non-customers?
Does the Bank sell monetary instruments to non-customers?
No
If a person purchases a cashier's check for $12,000 in cash, what form must be filed?
If a person purchases a cashier's check for $12,000 in cash, what form must be filed?
CTR
T/F If a customer purchases a cashier's check for $2,000 and money orders totaling $1,500 on the same day, no record would be necessary because both amounts are below the $3,000 threshold.
T/F If a customer purchases a cashier's check for $2,000 and money orders totaling $1,500 on the same day, no record would be necessary because both amounts are below the $3,000 threshold.
False
What part of the US Treasury Department enforces economic and trade sanctions?
What part of the US Treasury Department enforces economic and trade sanctions?
Office of Foreign Assets Control (OFAC)
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