CRCM Bank Secrecy Act and Anti-Money Laundering

Question 1

Under the Bank Secrecy Act, financial institutions must file a Currency Transaction Report (CTR) for cash transactions exceeding what threshold?

Accepted Answer

$10,000

Answer

$5,000

Answer

$25,000

Answer

$50,000

Question 2

Which federal agency has primary responsibility for administering the Bank Secrecy Act for depository institutions?

Accepted Answer

FinCEN

Answer

SEC

Answer

FDIC

Answer

OCC

Question 3

A Suspicious Activity Report (SAR) must generally be filed within how many days of detecting a suspicious transaction?

Accepted Answer

30 days

Answer

15 days

Answer

45 days

Answer

60 days

Question 4

What is 'structuring' in the context of BSA compliance?

Accepted Answer

Breaking up transactions to avoid CTR filing requirements

Answer

Organizing a bank's internal compliance team

Answer

Setting up a tiered customer risk rating system

Answer

Bundling multiple accounts under one customer profile

Question 5

Under the USA PATRIOT Act, banks must implement a Customer Identification Program (CIP) verifying identity for which customers?

Accepted Answer

All new account holders

Answer

Only commercial business accounts

Answer

Only accounts with balances over $50,000

Answer

Only non-US citizens

Question 6

Which BSA/AML program element requires banks to understand the nature and purpose of customer relationships?

Accepted Answer

Customer Due Diligence (CDD)

Answer

Currency Transaction Reporting

Answer

Office of Foreign Assets Control screening

Answer

Monetary Instrument Log