Complianceonline Bank Secrecy Act Quiz
This short quiz tests your knowledge on the reporting requirements of the Bank Secrecy Act.
- 1.Which of the following is not a requirement of the Bank Secrecy Act?
- A.
Report suspicious activity that might signify money laundering, tax evasion, or other criminal activities
- B.
Implement a written, board-approved compliance monitoring program
- C.
Keep records of all cash transactions
- D.
None of the above
- 2.Bank Secrecy Act requires financial institutions to file CTR if:
- A.
Transaction exceeds $10,000
- B.
Transaction exceeds $5,000
- C.
Transaction exceeds $3,000
- D.
None of the above
- 3.How long should financial institutions retain CTRs to comply with the Bank Secrecy Act?
- A.
1 year
- B.
3 years
- C.
5 years
- D.
7 years
- 4.When should financial institutions file a CTR?
- A.
Within 20 days from the date of transaction
- B.
Within 15 days from the date of transaction
- C.
Within 10 days from the date of transaction
- D.
Within 25 days from the date of transaction
- 5.Which of the following is not considered an acceptable form of identification for an individual when completing a CTR?
- A.
U.S. passport
- B.
Driver’s license
- C.
Long-term deposit account relationship
- D.
None of the above
- 6.Which of the following statements about SAR is incorrect?
- A.
SAR must be filed when there is an identifiable suspect and the transaction involves $5,000 or more
- B.
SAR must be filed when there is no identifiable suspect and the transaction involves $10,000 or more
- C.
Copies of SARs and supporting documentation should be retained for five years from the date of filing the SAR
- D.
None of the above
- 7.A customer must be informed when SAR related to his transaction is being filed.
- A.
True
- B.
False
- 8.How often do you have to file a SAR for ongoing suspicious activity?
- A.
Every 30 days
- B.
Every 60 days
- C.
Every 90 days
- D.
Every 45 days
- 9.A customer conducts three transactions on the same day and the amount of currency involved was $15000. Which of the following is required to comply with BSA?
- A.
SAR must be filed as the transaction involves more than $5,000
- B.
CTR must be filed as the transaction involves more than $10,000
- C.
Both SAR and CTR must be filed
- D.
None of the above
- 10.Which of the following is the possible red flag of suspicious activity?
- A.
Cash transactions
- B.
Customer who request a money transfer to a foreign country
- C.
Customer who is reluctant to provide ID
- D.
None of the above
- 11.Jack, a XYZ Bank customer, withdraws $5,000 in cash from his account. He then accesses his safe deposit box at the bank. Should the bank officials flag this as suspicious activity?
- A.
Yes
- B.
No
- 12.Which of the following businesses would be eligible for currency transaction reporting exemptions under the requirements of the Bank Secrecy Act?
- A.
Law and accounting firms
- B.
Motor vehicles dealership
- C.
Real estate brokerage
- D.
Sea food restaurant
Questions: 56 | Attempts: 2888 | Last updated: Jul 3, 2022
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