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Banking Regulations and Compliance Flashcards

7 cards from real CBT practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 Banking Regulations and Compliance flashcards as text

  1. A customer deposits $6,000 in cash in the morning and returns in the afternoon to deposit another $5,000 in cash into the same account. What must the teller do?

    Answer: File a Currency Transaction Report because same-day cash deposits are aggregated

    Under the BSA, multiple cash transactions by or for the same person on one business day are aggregated, and totals over $10,000 require a CTR.

  2. Within how many calendar days after the transaction must a Currency Transaction Report be filed with FinCEN?

    Answer: 15 days

    A CTR must be filed within 15 calendar days after the date of the reportable transaction.

  3. A customer asks the teller how to avoid 'all that government paperwork' and then splits $12,000 into two deposits of $6,000 on different days. This activity is best described as:

    Answer: Structuring

    Breaking up cash transactions to evade CTR reporting is structuring, which is a federal crime regardless of the source of funds.

  4. After a bank files a Suspicious Activity Report, the customer asks the teller whether a report was filed about them. What should the teller do?

    Answer: Not disclose the SAR or its existence to the customer

    Federal law prohibits disclosing a SAR or any information that would reveal its existence to the subject of the report.

  5. Which piece of information is NOT required to be collected under the minimum Customer Identification Program (CIP) rules when opening an account for an individual?

    Answer: Employer's name

    Section 326 of the USA PATRIOT Act requires name, date of birth, address, and an identification number at minimum, not employer information.

  6. A teller's system shows a customer's name is a potential match on the OFAC SDN list. What is the appropriate next step?

    Answer: Stop the transaction and escalate to the compliance/BSA officer to verify the match

    Potential OFAC hits must be held and escalated for verification, since a confirmed match may require blocking or rejecting the transaction.

  7. How long must banks generally retain BSA records such as CTRs and SARs with supporting documentation?

    Answer: 5 years

    BSA recordkeeping rules require most records, including CTRs and SARs, to be kept for five years.