CBT Banking Regulations & Compliance 2

Question 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?

Accepted Answer

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

Answer

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.

Question 2

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

Accepted Answer

15 days

Answer

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

Question 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?

Accepted Answer

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

Answer

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

Question 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:

Accepted Answer

Record specific purchaser information in a monetary instrument log

Answer

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

Question 5

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

Accepted Answer

Date of birth

Answer

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

CBT - Certified Bank Teller Practice Test

CBT - Certified Bank Teller Practice Test

CBT Banking Regulations & Compliance 2