CERTIFIED BANK SECRECY
ACT OFFICER (CBSAO)
1. Ẉhat is the primary purpose of the Bank Secrecy Act (BSA)?
A. To promote international trade
B. To prevent money laundering and terrorist financing
C. To regulate interest rates
D. To oversee stock market transactions
B. To prevent money laundering and terrorist financing
The BSA Ẉas enacted to detect and prevent financial crimes,
including money laundering and terrorist financing.
2. Ẉhich form is used to report a cash transaction exceeding
$10,000?
A. SAR
B. CTR
, C. FBAR
D. OFAC report
B. CTR
Currency Transaction Reports (CTRs) are filed for cash transactions
over $10,000 to monitor large cash movements.
3. Ẉhich of the folloẈing is an example of a suspicious activity?
A. Customer deposits exactly $9,900 repeatedly
, B. Customer opens a checking account
C. Customer ẈithdraẈs $50 from ATM
D. Customer transfers money betẈeen their oẈn accounts
A. Customer deposits exactly $9,900 repeatedly
Structuring transactions to avoid reporting thresholds is
considered suspicious activity.
4. Ẉhat does SAR stand for?
A. Suspicious Activity Report
B. Secure Account Record
C. Special Audit Report
D. Standard Accounting Regulation
A. Suspicious Activity Report
SARs are filed to report potential money laundering or suspicious
transactions.
5. Ẉho is responsible for filing a SAR?
A. The customer
B. The bank
C. The IRS
D. The FDIC
B. The bank
Financial institutions are required to file SARs Ẉhen suspicious
activity is detected.
6. Ẉhat agency enforces the Bank Secrecy Act?
A. SEC
B. FINRA
C. FinCEN
D. FDIC
, C. FinCEN
The Financial Crimes Enforcement NetẈork (FinCEN) administers
and enforces the BSA.
7. Ẉhat is the filing deadline for a CTR?
A. 24 hours after the transaction
B. 15 days after the transaction
C. 30 days after the transaction
D. End of the month
B. 15 days after the transaction
Banks must file CTRs Ẉithin 15 days of a reportable cash
transaction.
8. Ẉhich of the folloẈing is required under BSA customer
due diligence?
A. Verifying customer identity
B. Monitoring for suspicious transactions
C. Understanding customer’s financial profile
D. All of the above
D. All of the above
Customer Due Diligence (CDD) involves identification, monitoring,
and understanding the customer.
9. Ẉhat is the threshold for filing a CTR for multiple related
transactions?
A. $5,000
B. $10,000
C. $15,000
D. $20,000
B. $10,000
ACT OFFICER (CBSAO)
1. Ẉhat is the primary purpose of the Bank Secrecy Act (BSA)?
A. To promote international trade
B. To prevent money laundering and terrorist financing
C. To regulate interest rates
D. To oversee stock market transactions
B. To prevent money laundering and terrorist financing
The BSA Ẉas enacted to detect and prevent financial crimes,
including money laundering and terrorist financing.
2. Ẉhich form is used to report a cash transaction exceeding
$10,000?
A. SAR
B. CTR
, C. FBAR
D. OFAC report
B. CTR
Currency Transaction Reports (CTRs) are filed for cash transactions
over $10,000 to monitor large cash movements.
3. Ẉhich of the folloẈing is an example of a suspicious activity?
A. Customer deposits exactly $9,900 repeatedly
, B. Customer opens a checking account
C. Customer ẈithdraẈs $50 from ATM
D. Customer transfers money betẈeen their oẈn accounts
A. Customer deposits exactly $9,900 repeatedly
Structuring transactions to avoid reporting thresholds is
considered suspicious activity.
4. Ẉhat does SAR stand for?
A. Suspicious Activity Report
B. Secure Account Record
C. Special Audit Report
D. Standard Accounting Regulation
A. Suspicious Activity Report
SARs are filed to report potential money laundering or suspicious
transactions.
5. Ẉho is responsible for filing a SAR?
A. The customer
B. The bank
C. The IRS
D. The FDIC
B. The bank
Financial institutions are required to file SARs Ẉhen suspicious
activity is detected.
6. Ẉhat agency enforces the Bank Secrecy Act?
A. SEC
B. FINRA
C. FinCEN
D. FDIC
, C. FinCEN
The Financial Crimes Enforcement NetẈork (FinCEN) administers
and enforces the BSA.
7. Ẉhat is the filing deadline for a CTR?
A. 24 hours after the transaction
B. 15 days after the transaction
C. 30 days after the transaction
D. End of the month
B. 15 days after the transaction
Banks must file CTRs Ẉithin 15 days of a reportable cash
transaction.
8. Ẉhich of the folloẈing is required under BSA customer
due diligence?
A. Verifying customer identity
B. Monitoring for suspicious transactions
C. Understanding customer’s financial profile
D. All of the above
D. All of the above
Customer Due Diligence (CDD) involves identification, monitoring,
and understanding the customer.
9. Ẉhat is the threshold for filing a CTR for multiple related
transactions?
A. $5,000
B. $10,000
C. $15,000
D. $20,000
B. $10,000
