Treasury Enforcement Agent Exam Regulatory Frameworks & Compliance 2

Question 1

Under the Bank Secrecy Act (BSA), what is the threshold amount that triggers a Currency Transaction Report (CTR) filing requirement?

Accepted Answer

$10,000

Answer

The BSA requires financial institutions to file a CTR for any cash transaction exceeding $10,000 in a single business day.

Question 2

Which federal agency has primary enforcement authority over the Office of Foreign Assets Control (OFAC) sanctions programs?

Accepted Answer

Department of the Treasury

Answer

OFAC is an office within the U.S. Department of the Treasury and operates under Treasury's enforcement authority.

Question 3

A financial institution suspects a customer is structuring cash deposits to avoid CTR reporting. Under the BSA, what must the institution file?

Accepted Answer

A Suspicious Activity Report (SAR)

Answer

Structuring is a crime under 31 U.S.C. § 5324, and suspected structuring must be reported via a Suspicious Activity Report (SAR).

Question 4

The USA PATRIOT Act Section 314(a) requires financial institutions to do what upon receiving a request from FinCEN?

Accepted Answer

Search their records for accounts or transactions matching named suspects

Answer

Section 314(a) allows law enforcement to request that financial institutions search their records for accounts or transactions linked to suspects within two weeks.

Question 5

Which of the following best describes 'layering' in the context of money laundering?

Accepted Answer

Moving funds through complex transactions to disguise their origin

Answer

Layering is the second stage of money laundering, involving complex financial transactions to obscure the trail of illegal funds.

Treasury Enforcement Agent Exam Practice Test

Treasury Enforcement Agent Exam Practice Test

Treasury Enforcement Agent Exam Regulatory Frameworks & Compliance 2