Bank Secrecy ACT 2010

20 Questions  I  By Tvivian
Mandatory Compliance training test

  
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Question Excerpt

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1.  The BSA policy is required to be in writing and approved by the Board of Directors.
A.
B.
2.  Which action is NOT part of the four basic components of BSA compliance?
A.
B.
C.
D.
3.  What are the three fundamental components of risk assessment? 
A.
B.
C.
D.
4.  What are two reasons why detecting terrorist financing is difficult?
A.
B.
C.
D.
5.  Money laundering is...
A.
B.
C.
D.
6.  Bank employees are expected to adhere to specific actions to be in compliance with the BSA. Which of the following is NOT a part of maintaining the quality of our BSA compliance?
A.
B.
C.
D.
E.
7.  The Bank, Board of Directors and employees can face serious consequences if they fail to follow procedures or adhere to the BSA requirements. All but one of the following can be a consequence of non-compliance.
A.
B.
C.
D.
E.
8.  What is the fundamental part of BSA that has procedures in place that help you identify your customer and assist the bank in monitoring both normal and unusual activity?
A.
B.
C.
D.
9.  If an individual is opening a new account and you cannot form a reasonable basis that you know the customer's true identity, you should...
A.
B.
C.
D.
10.  Prior to opening an account, we are required to run an OFAC (Office of Foreign Asset Control) scan for matches to the Specially Designated Nationals and Blocked Persons (SDN) list.  
A.
B.
11.  Banks are required by BSA to keep records of certain transactions. Which option describes records BSA requires banks to keep?
A.
B.
C.
D.
12.  Which scenario best describes a multiple transaction requiring a CTR under the BSA?
A.
B.
C.
D.
13.  Who is required to complete the CTR form when the criteria is meet?
A.
B.
C.
D.
14.  Bankers must complete a Suspiciou Activity Report (SAR) in certain situations. What is one situation in which you should consider completing a SAR?
A.
B.
C.
D.
15.  You must inform the customer when a Suspicious Activity Report (SAR) is filed.
A.
B.
16.  There are three key points to communicate to customers if they ask why a CTR is being completed. Which of the following would NOT be an appropriate communication point.
A.
B.
C.
D.
17.  Since the reporting of certain types of transactions such as regular or frequent currency transactions with legitimate businesses is not likely to be useful to law enforcement agencies, the bank is allowed to grant appropriate reporting exemptions to designated types of transactions and customers.
A.
B.
18.  All of the following statements are true concerning CTR exemptions except one. Mark the incorrect statement.
A.
B.
C.
D.
19.  It is Signature Banks policy to sell monetary instruments (Official Check, Money Order, Traveler's Checks, etc) to non-customers.
A.
B.
20.  The bank realizes the risks associated with exposure with sharing information. The BSA Officer will handle all requests and Signature Bank has opted NOT to share information with other financial institutions at this time.
A.
B.
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