Bank Secrecy ACT Quiz

10 Questions
Bank Secrecy ACT Quiz

A quiz to test your knowledge on the Bank Secrecy Act!

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Questions and Answers
  • 1. 
    What are the three independent steps of money laundering?
    • A. 

      Placement- Physically placing bulk cash proceeds

    • B. 

      Washing- Making sure the money is clean

    • C. 

      Layering- Separating the proceeds of the crimincal activity from their origins through layers of complex financial transactions.

    • D. 

      Spending- Spend that cash!

    • E. 

      Integration- Providing an apparently legitimate explanation for the illicit proceeds.

  • 2. 
    True or False: The USA PATRIOT Act was adopted into the Bank Secrecy Act.
    • A. 

      True

    • B. 

      False

  • 3. 
    A CTR( Currency Transaction Report) must be filed for cash transactions of $10,000.01 or more. How long should a copy of this form be retained ?
    • A. 

      100 years

    • B. 

      Eternally

    • C. 

      You can toss it right away

    • D. 

      5 years

  • 4. 
    • A. 

      Extremely clean cash.

    • B. 

      Member tries to evade reporting requirements.

    • C. 

      Insufficient or suspicious information.

    • D. 

      Cash that smells incredibly fresh.

    • E. 

      Unusual fund transfer activities.

    • F. 

      Sudden changes in transaction patterns.

    • G. 

      Abnormal business activities.

  • 5. 
    SAR stands for __________________________.
  • 6. 
    A transaction "on behalf of" shall include joint account holders.
    • A. 

      True

    • B. 

      False

  • 7. 
    • A. 

      Types of accounts the CU offers, methods of establishing account, and verification procedures

    • B. 

      Types of accounts the CU offers, length of time the person has lived here, and personal discretion

    • C. 

      Amount of money they have, methods of establishing account, and verification procedures

    • D. 

      None of the above.

  • 8. 
    Match each letter in FINCEN.
    • A. FIN
    • A.
    • B. C
    • B.
    • C. E
    • C.
    • D. N
    • D.
  • 9. 
    MCLA stands for Money Laundering Control Action.
    • A. 

      True

    • B. 

      False

  • 10. 
    • A. 

      Signature cards

    • B. 

      Transaction History

    • C. 

      Checks Issued by GBFCU

    • D. 

      Record of COD- purchase AND withdrawal

    • E. 

      Members pizza delivery history.

    • F. 

      Any foreign item over $10,000 received or sent by us.

    • G. 

      Documentation of cash recieved.