LESSON 38 MONEY LAUNDERING &
TITLE 31 VIOLATIONS – SUMMARY
EXAM QUESTIONS AND ANSWERS
The Suspicious Activity Report (SAR) is due: - ANSWER-within 30 days of the
financial institution discovering the suspicious transaction
An account holder who has total foreign bank account balances
that exceed $10,000.00 at any time during a year must file a: - ANSWER-Report of
Foreign Bank & Financial Accounts (FBAR) by April 15th of the following year
- The account holder must disclose
the existence of the foreign bank account(s) on Schedule B of
Form 1040
Anyone who transports more than $10,000.00 in certain monetary instruments into or
out of the United States must file a: - ANSWER-Currency & Monetary Instrument
Report (CMIR) with CBP upon arrival to or departure from the U.S.
The Currency & Monetary Instrument Report (CMIR) must be filed: - ANSWER-
within 15 days of the date the monetary instruments were
shipped or received
A trade or business that receives more than $10,000.00 in currency must file a: -
ANSWER-Form 8300
Form 8300 is due: - ANSWER-within 15 days of the transaction
Structuring occurs when: - ANSWER-a person conducts one or more transactions in
currency, in any amount, at one or more financial institutions, on one or more days
for the purpose of evading a CTR or Form 8300
Bulk Cash Smuggling occurs when: - ANSWER-more than $10,000 of currency or
other monetary instruments are smuggled into or out of the U.S. with the intent to
evade a CMIR
The penalties for Title 31 currency reporting violations are found in: - ANSWER-31
USC § 5322
31 USC § 5324
Title 18 USC 1956(a)(1) - ANSWER-Elements:
- Money proceeds of specified unlawful activities (SUA)
- Knowing proceeds were from an unlawful activity
- Conduct financial transaction or attempt to conduct financial transaction
- Intending to violate any of 4 types of prohibited activity:
-- 1956(a)(1)(A)(i): Promote SUA
-- 1956(a)(1)(B)(i): Conceal nature, source, location, ownership or control over
proceeds
TITLE 31 VIOLATIONS – SUMMARY
EXAM QUESTIONS AND ANSWERS
The Suspicious Activity Report (SAR) is due: - ANSWER-within 30 days of the
financial institution discovering the suspicious transaction
An account holder who has total foreign bank account balances
that exceed $10,000.00 at any time during a year must file a: - ANSWER-Report of
Foreign Bank & Financial Accounts (FBAR) by April 15th of the following year
- The account holder must disclose
the existence of the foreign bank account(s) on Schedule B of
Form 1040
Anyone who transports more than $10,000.00 in certain monetary instruments into or
out of the United States must file a: - ANSWER-Currency & Monetary Instrument
Report (CMIR) with CBP upon arrival to or departure from the U.S.
The Currency & Monetary Instrument Report (CMIR) must be filed: - ANSWER-
within 15 days of the date the monetary instruments were
shipped or received
A trade or business that receives more than $10,000.00 in currency must file a: -
ANSWER-Form 8300
Form 8300 is due: - ANSWER-within 15 days of the transaction
Structuring occurs when: - ANSWER-a person conducts one or more transactions in
currency, in any amount, at one or more financial institutions, on one or more days
for the purpose of evading a CTR or Form 8300
Bulk Cash Smuggling occurs when: - ANSWER-more than $10,000 of currency or
other monetary instruments are smuggled into or out of the U.S. with the intent to
evade a CMIR
The penalties for Title 31 currency reporting violations are found in: - ANSWER-31
USC § 5322
31 USC § 5324
Title 18 USC 1956(a)(1) - ANSWER-Elements:
- Money proceeds of specified unlawful activities (SUA)
- Knowing proceeds were from an unlawful activity
- Conduct financial transaction or attempt to conduct financial transaction
- Intending to violate any of 4 types of prohibited activity:
-- 1956(a)(1)(A)(i): Promote SUA
-- 1956(a)(1)(B)(i): Conceal nature, source, location, ownership or control over
proceeds
