Do you know about the Bank Secrecy Act? Could you pass this quiz? The Bank Secrecy Act is a piece of legislation enacted in 1970, which is meant to keep banks from being a place where criminal launder money. Under this act, US banks are required to submit documentation for any transaction that is of $10,000 or more. Take this quiz and look at how much you know about the Bank Secrecy Act.
Placement- Physically placing bulk cash proceeds
Washing- Making sure the money is clean
Layering- Separating the proceeds of the crimincal activity from their origins through layers of complex financial transactions.
Spending- Spend that cash!
Integration- Providing an apparently legitimate explanation for the illicit proceeds.
True
False
100 years
Eternally
You can toss it right away
5 years
Extremely clean cash.
Member tries to evade reporting requirements.
Insufficient or suspicious information.
Cash that smells incredibly fresh.
Unusual fund transfer activities.
Sudden changes in transaction patterns.
Abnormal business activities.
True
False
Types of accounts the CU offers, methods of establishing account, and verification procedures
Types of accounts the CU offers, length of time the person has lived here, and personal discretion
Amount of money they have, methods of establishing account, and verification procedures
None of the above.
True
False
Signature cards
Transaction History
Checks Issued by GBFCU
Record of COD- purchase AND withdrawal
Members pizza delivery history.
Any foreign item over $10,000 received or sent by us.
Documentation of cash recieved.