CCSR Compliance and Banking Basics 2

Question 1

A customer deposits $6,000 cash in the morning and returns that afternoon to deposit $5,000 more cash into the same account. What is the representative's obligation?

Accepted Answer

Aggregate the deposits and file a Currency Transaction Report because the same-day total exceeds $10,000

Answer

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

Question 2

A customer asks a teller how to split a $15,000 cash deposit so that no government form gets filed. What does this request most likely indicate?

Accepted Answer

Attempted structuring that may warrant a Suspicious Activity Report

Answer

Breaking up cash to evade CTR filing is structuring, which is a federal crime even when the funds are legitimate.

Question 3

After a bank files a Suspicious Activity Report on a customer, the customer asks the representative whether any report was filed about them. How should the representative respond?

Accepted Answer

Decline to disclose any information about a SAR, since disclosure is prohibited

Answer

Federal law prohibits disclosing a SAR or its existence to the subject, which is known as tipping off.

Question 4

Under Customer Identification Program rules, which four pieces of information must a bank obtain from an individual before opening an account?

Accepted Answer

Name, date of birth, address, and identification number

Answer

CIP requires at minimum the customer's name, date of birth, address, and an identification number such as an SSN.

Question 5

A new customer's name appears to match an entry on the OFAC Specially Designated Nationals list. What should the representative do first?

Accepted Answer

Escalate to the compliance/BSA officer to verify the match before proceeding

Answer

Potential OFAC hits must be escalated to compliance to confirm or clear the match before any transaction proceeds.

CCSR - Certified Customer Service Representative Practice Test

CCSR - Certified Customer Service Representative Practice Test

CCSR Compliance and Banking Basics 2