CBT Teller Compliance and Regulations 2

Question 1

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

Accepted Answer

File a Currency Transaction Report because the cash deposits total more than $10,000 in one business day

Answer

Banks must add up multiple cash transactions by or for the same person in one business day, and a total over $10,000 requires a CTR.

Question 2

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

Accepted Answer

15 days

Answer

A CTR must be filed electronically with FinCEN within 15 calendar days after the reportable transaction.

Question 3

A customer asks a teller how to split a $14,000 cash deposit so that 'no government form' gets filed. What is the best description of this request?

Accepted Answer

Possible structuring, which may need to be reported on a Suspicious Activity Report

Answer

Breaking up cash transactions to avoid CTR reporting is structuring, a federal crime, and should be escalated for possible SAR filing.

Question 4

After a teller refers suspicious activity to the BSA officer, the customer asks whether the bank is 'reporting' them. What should the teller do?

Accepted Answer

Not disclose whether a SAR has been or will be filed

Answer

Federal law bars bank employees from telling anyone involved in the transaction that a SAR has been filed or considered.

Question 5

Under the Bank Secrecy Act, cash purchases of which items between $3,000 and $10,000 must be recorded in a monetary instrument log?

Accepted Answer

Bank checks, cashier's checks, money orders, and traveler's checks

Answer

Banks must keep records of cash purchases of bank checks, cashier's checks, money orders, and traveler's checks from $3,000 to $10,000 inclusive.

CBT - Certified Bank Teller Practice Test

CBT - Certified Bank Teller Practice Test

CBT Teller Compliance and Regulations 2