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Banking Regulations & 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 & Compliance flashcards as text

  1. A customer deposits $6,000 in cash at the main branch in the morning and $5,000 in cash at another branch of the same bank that afternoon. What is the bank's CTR obligation?

    Answer: A CTR is required because same-day cash transactions by the same person must be aggregated

    Banks must aggregate multiple cash transactions by or for the same person in one business day, and $11,000 exceeds the $10,000 CTR threshold.

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

    Answer: 15 days

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

  3. A customer asks a teller, "How much cash can I deposit before you have to report it to the government?" and then reduces the deposit to $9,500. What should the teller do?

    Answer: Process the deposit and refer the activity for possible SAR review per bank policy

    Adjusting a transaction to evade CTR reporting is possible structuring, which should be escalated for SAR consideration.

  4. Under the Bank Secrecy Act, cash purchases of cashier's checks, money orders, or traveler's checks between $3,000 and $10,000 inclusive require the bank to:

    Answer: Record specific purchaser information in a monetary instrument log

    BSA recordkeeping rules require purchaser details to be recorded for cash purchases of monetary instruments of $3,000 to $10,000.

  5. Which of the following is a minimum piece of information the Customer Identification Program (CIP) requires before opening an account for an individual?

    Answer: Date of birth

    CIP requires at minimum name, date of birth, address, and an identification number for individuals.

  6. A teller tells a customer that the bank has filed a Suspicious Activity Report about their transactions. This action is:

    Answer: A prohibited disclosure under federal law

    Federal law prohibits disclosing a SAR or the fact that one was filed to the subject of the report.

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

    Answer: 5 years

    BSA records, including CTRs, SARs, and supporting documentation, must be kept for five years.