Teller Compliance and Regulations Flashcards
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Read the first 7 Teller Compliance and Regulations flashcards as text
A customer deposits $6,000 in cash in the morning and returns that afternoon to deposit another $5,000 in cash into the same account. What must the bank do?
Answer: File a Currency Transaction Report because the cash deposits total more than $10,000 in one business day
Banks must add up multiple cash transactions by or for the same person in one business day, and a total over $10,000 requires a CTR.
Within how many calendar days after the transaction must a bank file a Currency Transaction Report with FinCEN?
Answer: 15 days
A CTR must be filed electronically with FinCEN within 15 calendar days after the reportable transaction.
A customer asks a teller how to split a $14,000 cash deposit so that 'no government form' gets filed. What is the best description of this request?
Answer: Possible structuring, which may need to be reported on a Suspicious Activity Report
Breaking up cash transactions to avoid CTR reporting is structuring, a federal crime, and should be escalated for possible SAR filing.
After a teller refers suspicious activity to the BSA officer, the customer asks whether the bank is 'reporting' them. What should the teller do?
Answer: Not disclose whether a SAR has been or will be filed
Federal law bars bank employees from telling anyone involved in the transaction that a SAR has been filed or considered.
Under the Bank Secrecy Act, cash purchases of which items between $3,000 and $10,000 must be recorded in a monetary instrument log?
Answer: Bank checks, cashier's checks, money orders, and traveler's checks
Banks must keep records of cash purchases of bank checks, cashier's checks, money orders, and traveler's checks from $3,000 to $10,000 inclusive.
Before a teller completes a transaction for a non-customer, the name comes up as a possible match on the OFAC SDN list. What is the correct next step?
Answer: Stop the transaction and send it to the bank's OFAC or compliance officer for review
A possible OFAC match must be held and escalated to compliance to confirm whether it is a true match before any action is taken.
How long must BSA records such as CTRs and monetary instrument logs generally be kept?
Answer: 5 years
The Bank Secrecy Act generally requires banks to keep these records for five years.