FRAUD AND MONEY LAUNDERING ACTUAL COMPLETE
EXAM|WITH ACCURATE QUESTIONS AND VERIFIED
ANSWERS|GRADED A
1.
Provisions of the BSA require a financial institution to report to FinCEN
on a Currency Transaction Report (CTR) any large currency transaction
that exceeds
$5,000.
$10,000.
$20,000.
$50,000. Ans✓✓✓ $10,000.
10.
Under the BSA, a Currency Transaction Report (CTR) which is not filed
electronically must be filed within ______ following the day on which
the reportable transaction occurred.
5 weeks
20 days
24 hours
15 days Ans✓✓✓ 15 days
Under the BSA, a financial institution must report to FinCEN single or
structured currency transactions that exceed $10,000 using a Currency
,Transaction Report (CTR). Currency transactions include "any deposit,
withdrawal, exchange or other payment or transfer" that involves
currency. A CTR must be filed within 15 days following the day on
which the reportable transaction occurred (25 days if filed
electronically), and a copy must be retained by the institution for at least
five years
11.
A mortgage company is required to have __________ that are in
compliance with FinCEN rules.
-anti-money laundering programs
-yield spread premiums
-loan originator compensation plans
-policies on employment practices Ans✓✓✓ anti-money laundering
programs
All mortgages companies are to have anti-money laundering programs.
12.
If a negotiable instrument is purchased using at least __________ in
cash, the Bank Secrecy Act requires the lender to report the transaction.
$100
$1,000
, $10,000
$100,000 Ans✓✓✓ $10,000
The BSA requires United States financial institutions to keep records of
cash purchases of negotiable instruments and file reports of cash
purchases of these instruments that were in the amount of more than
$10,000.
13.
The MARS Rule protects consumers from harmful practices in regards
to
-payment shock.
-mortgage relief services.
-prepayment penalties.
-adjustable rate mortgage loans. Ans✓✓✓ mortgage relief services.
The Mortgage Assistance Relief Services Rule (MARS Rule) was issued
to protect consumers from mortgage relief scams. The rule established
specific requirements and prohibitions in order to regulate the industry.
14.
Which of the following does NOT meet the definition of a currency
transaction under the Bank Secrecy Act (BSA)?
EXAM|WITH ACCURATE QUESTIONS AND VERIFIED
ANSWERS|GRADED A
1.
Provisions of the BSA require a financial institution to report to FinCEN
on a Currency Transaction Report (CTR) any large currency transaction
that exceeds
$5,000.
$10,000.
$20,000.
$50,000. Ans✓✓✓ $10,000.
10.
Under the BSA, a Currency Transaction Report (CTR) which is not filed
electronically must be filed within ______ following the day on which
the reportable transaction occurred.
5 weeks
20 days
24 hours
15 days Ans✓✓✓ 15 days
Under the BSA, a financial institution must report to FinCEN single or
structured currency transactions that exceed $10,000 using a Currency
,Transaction Report (CTR). Currency transactions include "any deposit,
withdrawal, exchange or other payment or transfer" that involves
currency. A CTR must be filed within 15 days following the day on
which the reportable transaction occurred (25 days if filed
electronically), and a copy must be retained by the institution for at least
five years
11.
A mortgage company is required to have __________ that are in
compliance with FinCEN rules.
-anti-money laundering programs
-yield spread premiums
-loan originator compensation plans
-policies on employment practices Ans✓✓✓ anti-money laundering
programs
All mortgages companies are to have anti-money laundering programs.
12.
If a negotiable instrument is purchased using at least __________ in
cash, the Bank Secrecy Act requires the lender to report the transaction.
$100
$1,000
, $10,000
$100,000 Ans✓✓✓ $10,000
The BSA requires United States financial institutions to keep records of
cash purchases of negotiable instruments and file reports of cash
purchases of these instruments that were in the amount of more than
$10,000.
13.
The MARS Rule protects consumers from harmful practices in regards
to
-payment shock.
-mortgage relief services.
-prepayment penalties.
-adjustable rate mortgage loans. Ans✓✓✓ mortgage relief services.
The Mortgage Assistance Relief Services Rule (MARS Rule) was issued
to protect consumers from mortgage relief scams. The rule established
specific requirements and prohibitions in order to regulate the industry.
14.
Which of the following does NOT meet the definition of a currency
transaction under the Bank Secrecy Act (BSA)?
