CBT Banking Regulations and Compliance 2

Question 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?

Accepted Answer

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

Answer

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.

Question 2

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

Accepted Answer

15 days

Answer

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

Question 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:

Accepted Answer

Structuring

Answer

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

Question 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?

Accepted Answer

Not disclose the SAR or its existence to the customer

Answer

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

Question 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?

Accepted Answer

Employer's name

Answer

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

CBT - Certified Bank Teller Practice Test

CBT - Certified Bank Teller Practice Test

CBT Banking Regulations and Compliance 2