BSA / AML

Question 1

What act requires each financial institution to establish a compliance program and are subject to recordkeeping requirements and It fights against money laundering and financing of terrorism?

Answer 1

The Bank Secrecy Act/Anti Money Laundering (BSA/AML)

Question 2

Under BSA/AML when must a bank electronically file a Currency Transaction Report (CTR)?

Answer 2

Deposits, withdrawals, money exchange, or other payment/transfer) of more than $10,000 CASH PER DAY.

Question 3

A completed CTR must be electronically filed with ____? And within_____days after the date of the transaction?

Answer 3

FinCEN, 15 calendar days

Question 4

The bank must retain copies of CTRs for ____years from the date of the report?

Answer 4

5 years.

Question 5

What report must financial institutions file whenever there is a suspected case of money laundering or fraud?

Answer 5

Suspicious Activity Report (SAR)

Question 6

And who is it reported with?

Answer 6

Financial Crimes Enforcement Network (FinCEN).

Question 7

Financial institutions must fill out a SAR report if they detect transactions of how much money in someone’s account?

Answer 7

$5,000 OR MORE

Question 8

And how long do they have to report it? SAR

Answer 8

must be filed within 30 calendar days if identifiable and 60 calendar days If not identifiable.

Question 9

SAR report must be kept for how long from the date of the filing?

Answer 9

5 years