Bank Secrecy Act Exam Questions with Verified Answers Graded A+
A decline in public confidence resulting from criminal actions taken against an institution is a(n) ___
penatly. - Answers Intangible
Failure to comply with the requirements of the BSA can result in: - Answers All of the above
A new customer's identity must always be verified only by documents. - Answers False
Which is the CTR reportable transaction? - Answers A series of cash deposits made at an ATM totaling
$18,653.18 in one business day
As long as multiple cash deposits by one individual are made into different accounts, they are not
aggregated for purposes of large currency transaction reporting. - Answers False
Your institution must file the CTR within ___ days of the reportable transaction. - Answers 15
You have been requested to disclose a SAR or information reference in a SAR. The agency making the
request is not FinCEN, a federal banking agency, or an appropriate law enforcement agency. You should:
- Answers Decline the request, and your financial institution should notify both FinCEN and its federal
banking agency
The USA PATRIOT Act generally prohibits correspondent accounts owned or used by foreign shell banks.
- Answers True
The CTR is also known as Form: - Answers 112
If someone deposits or withdraws foreign currency over $10,000, you don't have to file a CTR. - Answers
False
Seamus O'Doe Incorporated has been exempted by your institution. Seamus's friend Angus has a
$15,000 check he'd like to cash, but he doesn't want to have a CTR filed. Angus can designate Seamus as
his agent, have Seamus cash the check and rely on Seamus O'Doe Incorporated's exemption to avoid the
CTR. - Answers False
Certain types of customers are not eligible to be exempt from currency transaction reporting. Which
cannot be exempt? - Answers All of the above
If the suspicious activity involves a financial institution employee, there is no dollar threshold, and a
report must be filed regardless of the transaction size. - Answers True
Acceptable documents when verifying the identity of a business include: - Answers All of the above
You can help prevent illegal activity by recognizing normal account activity for your customers. -
Answers True
A decline in public confidence resulting from criminal actions taken against an institution is a(n) ___
penatly. - Answers Intangible
Failure to comply with the requirements of the BSA can result in: - Answers All of the above
A new customer's identity must always be verified only by documents. - Answers False
Which is the CTR reportable transaction? - Answers A series of cash deposits made at an ATM totaling
$18,653.18 in one business day
As long as multiple cash deposits by one individual are made into different accounts, they are not
aggregated for purposes of large currency transaction reporting. - Answers False
Your institution must file the CTR within ___ days of the reportable transaction. - Answers 15
You have been requested to disclose a SAR or information reference in a SAR. The agency making the
request is not FinCEN, a federal banking agency, or an appropriate law enforcement agency. You should:
- Answers Decline the request, and your financial institution should notify both FinCEN and its federal
banking agency
The USA PATRIOT Act generally prohibits correspondent accounts owned or used by foreign shell banks.
- Answers True
The CTR is also known as Form: - Answers 112
If someone deposits or withdraws foreign currency over $10,000, you don't have to file a CTR. - Answers
False
Seamus O'Doe Incorporated has been exempted by your institution. Seamus's friend Angus has a
$15,000 check he'd like to cash, but he doesn't want to have a CTR filed. Angus can designate Seamus as
his agent, have Seamus cash the check and rely on Seamus O'Doe Incorporated's exemption to avoid the
CTR. - Answers False
Certain types of customers are not eligible to be exempt from currency transaction reporting. Which
cannot be exempt? - Answers All of the above
If the suspicious activity involves a financial institution employee, there is no dollar threshold, and a
report must be filed regardless of the transaction size. - Answers True
Acceptable documents when verifying the identity of a business include: - Answers All of the above
You can help prevent illegal activity by recognizing normal account activity for your customers. -
Answers True
