Treasury Enforcement Agent Exam Regulatory Frameworks & Compliance 3

Question 1

A Treasury Enforcement Agent is investigating a casino. Under the BSA, what cash transaction amount requires casinos to file a CTR?

Accepted Answer

$10,000

Answer

Casinos, like financial institutions, must file a CTR for cash-in or cash-out transactions exceeding $10,000.

Question 2

What is the primary purpose of the Financial Action Task Force (FATF)?

Accepted Answer

Setting global standards and promoting anti-money laundering and counter-terrorism financing policies

Answer

FATF is an intergovernmental body that develops and promotes policies to combat money laundering, terrorist financing, and related threats.

Question 3

Under the Foreign Corrupt Practices Act (FCPA), which of the following is TRUE regarding facilitating payments?

Accepted Answer

They are permitted for routine governmental actions such as processing permits

Answer

The FCPA contains an exception for facilitating payments made to expedite routine, non-discretionary governmental actions.

Question 4

Which provision of the USA PATRIOT Act allows financial institutions to share information about suspected money launderers with each other without violating privacy laws?

Accepted Answer

Section 314(b)

Answer

Section 314(b) of the USA PATRIOT Act permits voluntary information sharing between financial institutions regarding suspected money laundering or terrorist financing.

Question 5

An IRS Special Agent discovers a business owner depositing exactly $9,500 in cash multiple times per week. This behavior most likely constitutes:

Accepted Answer

Structuring, a federal crime under 31 U.S.C. § 5324

Answer

Breaking up transactions to stay below the $10,000 CTR reporting threshold constitutes structuring, which is a federal crime regardless of whether the underlying funds are legal.

Treasury Enforcement Agent Exam Practice Test

Treasury Enforcement Agent Exam Practice Test

Treasury Enforcement Agent Exam Regulatory Frameworks & Compliance 3