Bank Secrecy Act and Anti-Money Laundering Flashcards
6 cards from real CRCM practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Bank Secrecy Act and Anti-Money Laundering flashcards as text
Under the Bank Secrecy Act, financial institutions must file a Currency Transaction Report (CTR) for cash transactions exceeding what threshold?
Answer: $10,000
The BSA requires CTR filing for cash transactions exceeding $10,000 in a single business day.
Which federal agency has primary responsibility for administering the Bank Secrecy Act for depository institutions?
Answer: FinCEN
The Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury Department, administers the BSA.
A Suspicious Activity Report (SAR) must generally be filed within how many days of detecting a suspicious transaction?
Answer: 30 days
SARs must be filed within 30 calendar days of the date of initial detection of suspicious activity.
What is 'structuring' in the context of BSA compliance?
Answer: Breaking up transactions to avoid CTR filing requirements
Structuring (also called 'smurfing') is illegally breaking transactions into smaller amounts to avoid the $10,000 CTR threshold.
Under the USA PATRIOT Act, banks must implement a Customer Identification Program (CIP) verifying identity for which customers?
Answer: All new account holders
CIP requirements apply to all new account holders regardless of account type or balance.
Which BSA/AML program element requires banks to understand the nature and purpose of customer relationships?
Answer: Customer Due Diligence (CDD)
Customer Due Diligence rules require banks to understand customer relationships to assess risk and detect unusual activity.
How this page was made: written with AI tools and published by Nathan Beja, founder of Practice Test Geeks, who is responsible for its content. Exam facts are checked against the official sources listed below. Not reviewed by a subject-matter expert. Editorial policy
Sources & references
Exam facts on this page (fees, format, dates, passing scores) are checked against these official sources; the date is our last check. Editorial policy
- aba.com — Score validity, test delivery, fees, registration deadline, retake fee, retake policy, test dates, exam format, passing score, score release · verified Oct 2026