Check Cashing Compliance

14 Questions | Total Attempts: 12

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Check Cashing Compliance


Questions and Answers
  • 1. 
    A currency Transaction report must always be filed for a check or checks cashed in 24 hours totaling over $10,000 .
    • A. 

      True

    • B. 

      False

  • 2. 
    Whats is the deadline to file SAR on a suspicious transaction?
    • A. 

      15 days from the date of transaction.

    • B. 

      30 days from the date of transaction.

    • C. 

      45 days from the date of transaction.

    • D. 

      Never

  • 3. 
    How Often you have to renew your MSB registration for Money Service Business?
    • A. 

      Once for life time of your business

    • B. 

      Every year

    • C. 

      Every two years

    • D. 

      Never

  • 4. 
    Currency Transaction Report must be file within how many days of transaction?
    • A. 

      Filed with 30 days from the date of transaction.

    • B. 

      Filed with 15 days from the date of transaction.

    • C. 

      Filed with 45 days from the date of transaction.

    • D. 

      Filed with 90 days from the date of transaction.

  • 5. 
    What information is required to collect from the customer at the time of transaction to file CTR?
    • A. 

      Customer full name

    • B. 

      Customer address

    • C. 

      Customer photo identification number

    • D. 

      Customer Social Security number or TIN

    • E. 

      Customer date of birth

    • F. 

      All of the above

  • 6. 
    How long you have keep the record if you file CTR, SAR ?
    • A. 

      For one calendar year

    • B. 

      For five years

    • C. 

      For six months

    • D. 

      Never keep it

  • 7. 
    Independent review is required for Money Service Business every year at the end of year?
    • A. 

      True

    • B. 

      False

  • 8. 
    Employee Training should include 
    • A. 

      Include all new and existing employee

    • B. 

      Training should be documented and record must be maintained for five years.

    • C. 

      On going training for significant changes in AML requirements.

    • D. 

      Periodic re-review of the store's AML Policies and Procedures

    • E. 

      All of the above

  • 9. 
    Money Service Business must designate AML Compliance Officer>
    • A. 

      True

    • B. 

      False

  • 10. 
    Acceptable Type of Identfication
    • A. 

      U.S. driver's license

    • B. 

      U.S. and non-U.S. passports

    • C. 

      U.S. military ID card

    • D. 

      Alien ID card

    • E. 

      Mexican Matricula Consular Card

    • F. 

      All of the above

  • 11. 
    Currency Transaction Reports and Suspicious Activity Report must be filed
    • A. 

      Electronically using FinCEN BSA E-Filling System

    • B. 

      By mail

    • C. 

      By Calling

    • D. 

      In person

  • 12. 
    For check cashing business to comply with AML requirement you must keep
    • A. 

      Deposit Record

    • B. 

      Monthly Statements

    • C. 

      Both A and B

    • D. 

      None of the Above

  • 13. 
    As Money service Business, you must have valid check cashing permit?
    • A. 

      True

    • B. 

      False

  • 14. 
    Patriot Act does not require which of the following as part of an appropriate AML program?
    • A. 

      Appointment of compliance officer

    • B. 

      Written policy and procedure

    • C. 

      Independent Review of the Program

    • D. 

      Drug screening of compliance officer