CBT - Certified Bank Teller Teller Compliance and Regulations Questions and Answers

Question 1

A customer makes two separate cash deposits into their savings account in a single business day: one for $6,000 and another for $5,500. Under the Bank Secrecy Act (BSA), what action is the teller required to take?

Accepted Answer

File a Currency Transaction Report (CTR) because the total cash amount exceeds $10,000.

Answer

The Bank Secrecy Act (BSA) requires financial institutions to file a Currency Transaction Report (CTR) for currency transactions exceeding $10,000 in a single business day. This includes multiple transactions by the same person that aggregate to more than $10,000. In this scenario, the customer's total cash deposits for the day are $11,500, which triggers the CTR filing requirement.

Question 2

A teller suspects a customer is involved in illegal activities and is using the bank to launder money. The total amount of the suspicious transactions is $6,500. Which of the following is the most appropriate action for the teller?

Accepted Answer

Report the suspicious activity to their supervisor or BSA compliance officer to facilitate the filing of a Suspicious Activity Report (SAR).

Answer

When a bank employee knows, suspects, or has reason to suspect that a transaction of $5,000 or more involves funds derived from illegal activity, a Suspicious Activity Report (SAR) must be filed. The teller's role is to identify and report this activity internally to the designated personnel (like a supervisor or BSA officer), who will then determine if a SAR should be filed with FinCEN. It is critical not to 'tip off' the customer that a SAR may be filed.

Question 3

According to Regulation CC (Expedited Funds Availability Act), which of the following deposits must generally be made available to the customer by the next business day?

Accepted Answer

A U.S. Treasury check for $5,000 deposited in person.

Answer

Regulation CC specifies that certain types of deposits, considered low-risk, must be made available on the next business day after the day of deposit. These include cash, electronic payments, and government checks like U.S. Treasury checks. Personal checks and deposits at non-proprietary ATMs have different, typically longer, availability schedules.

Question 4

The Office of Foreign Assets Control (OFAC) administers and enforces economic and trade sanctions. What is a bank teller's primary responsibility regarding OFAC compliance?

Accepted Answer

Screening transactions and customers against the Specially Designated Nationals (SDN) list.

Answer

A bank's OFAC compliance program requires it to screen customers and transactions to ensure they are not doing business with individuals, entities, or countries on sanctions lists, most notably the Specially Designated Nationals (SDN) list. Tellers are on the frontline and play a role in this screening process, especially when opening accounts or conducting transactions for new or unfamiliar individuals.

Question 5

A customer reports that their debit card was stolen and used for an unauthorized $300 transaction yesterday. They notify the bank today. Under Regulation E (Electronic Fund Transfer Act), what is the customer's maximum liability?

Accepted Answer

$50.

Answer

Regulation E limits a consumer's liability for unauthorized electronic fund transfers. If the customer notifies the bank within two business days of learning of the loss or theft of their access device (like a debit card), their maximum liability is limited to $50.

CBT - Certified Bank Teller Practice Test

CBT - Certified Bank Teller Practice Test

CBT - Certified Bank Teller Teller Compliance and Regulations Questions and Answers