Complianceonline Bank Secrecy Act Quiz

12 Questions | Total Attempts: 898

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Complianceonline Bank Secrecy Act Quiz - Quiz

This short quiz tests your knowledge on the reporting requirements of the Bank Secrecy Act.


Questions and Answers
  • 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

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