Bank Code Bank Code Regulations 2

Question 1

Which US regulation requires banks to make funds from deposited checks available within certain timeframes?

Accepted Answer

Regulation CC (Expedited Funds Availability Act)

Answer

Regulation CC, implementing the Expedited Funds Availability Act, requires banks to make funds from deposited checks available within specific timeframes based on check type and account history.

Question 2

What must US banks include on wire transfer receipts to comply with CFPB remittance transfer rules?

Accepted Answer

Exchange rates, fees, and the amount expected to be received by the recipient

Answer

CFPB remittance transfer rules require banks to disclose exchange rates, all fees, and the amount the recipient will receive, giving consumers full cost transparency.

Question 3

Under the USA PATRIOT Act, what customer information must US banks collect when opening accounts that are linked to routing numbers?

Accepted Answer

Name, date of birth, address, and government-issued ID number (CIP requirements)

Answer

The USA PATRIOT Act's Customer Identification Program (CIP) requires banks to collect name, date of birth, address, and government-issued ID number before opening accounts.

Question 4

What is FinCEN's role in relation to bank routing numbers and wire transfers?

Accepted Answer

FinCEN collects and analyzes financial transaction data including wire transfers to detect money laundering

Answer

FinCEN (Financial Crimes Enforcement Network) collects and analyzes financial transaction reports — including wire transfer data — to identify and combat money laundering and other financial crimes.

Question 5

What is a Suspicious Activity Report (SAR) in the context of wire transfers?

Accepted Answer

A confidential report banks must file with FinCEN when a transaction appears suspicious

Answer

A SAR is a confidential report that banks must file with FinCEN when a transaction — including wire transfers — appears suspicious or potentially related to illegal activity.

Bank Code Practice Test

Bank Code Practice Test

Bank Code Bank Code Regulations 2