Banking Secrecy Act Test! Trivia Questions Quiz

10 Questions | Total Attempts: 141

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Banking Quizzes & Trivia

BSA


Questions and Answers
  • 1. 
    Phillip Elliott, a longtime member of the credit union, comes into your credit union to withdraw $12,500 in cash from his savings account.  Phillip says he is in a hurry as he has to post bail for his son.  Phillip is agitated and upset because he does not want his son to spend the night in jail.  Since you know Phillip very well you can enter "member is known to credit union" as the identifying information to complete the CTR (Currency Transaction Report).  Choose True or False
    • A. 

      True

    • B. 

      False

  • 2. 
    Iris Gaines comes into the Credit Union and withdraws $6100.  She comes back later in the day and deposits $4335.  A Currency Transaction Report (CTR) should be filed on Iris Gaines and her transactions today.  Choose Yes or No
    • A. 

      No

    • B. 

      Yes

  • 3. 
    Which of the following examples would be acceptable to use to complete the Occupation section on the Currency Transaction Report (CTR)?
    • A. 

      Farmer

    • B. 

      Doctor

    • C. 

      A, B and D

    • D. 

      Judge

    • E. 

      None of the above

    • F. 

      Self-employed

  • 4. 
    Archie Graham owns a business account at your Credit Union.  He makes a night deposit of $2310 in cash on Wednesday night at 6:45pm.  Late Thursday morning, Archie makes an in-person depsoit at the Credit Union that includes $8215.75 in cash.  The night deposit and the in-person deposit are credited on the same business day.  Does a Currency Transaction Report (CTR) need to be filed?
    • A. 

      Yes

    • B. 

      No

  • 5. 
    Which of the following are examples of possible suspicious activity that may warrant monitoring and the possible filing of the Suspicious Activity Report (SAR)?
    • A. 

      Substantial deposit(s) of numerous $50 and $100 bills

    • B. 

      Couriers, rather than the account holders, make the deposit into the account

    • C. 

      Frequent deposits of large amounts of currency wrapped in currency straps or that have been stamped by other banks/credit unions

    • D. 

      A member who purchases CU checks, money orders, etc with large amounts of cash

    • E. 

      A and C

    • F. 

      All of the Above

  • 6. 
    Roy Hobbs walks into the Credit Union with a check for $10,003 that he wants the Credit Union to cash for him.  He is an essential rewards member so he has a $3.00 check cashing fee.  Roy leaves the Credit Union with $10,000 in cash.  Yould be required to fill out a CTR for this transaction? 
    • A. 

      True

    • B. 

      False

  • 7. 
    Annie Savoy comes to your window to make a cash deposit of $1200. You notice that she has deposited $1000 or $1200 in cash into her savings account during the last 10 days bringing the total amount of cash deposited to $8800. What should you do?
    • A. 

      Nothing it is none of your business

    • B. 

      After the member leaves, file a SAR Initiation request

    • C. 

      Tell the member that they are going to have a SAR filed against them

    • D. 

      Call your Branch manager over to talk to the member about their transactions

  • 8. 
    Linda Sayers walks into the branch and purchases a cashier's check for $10,000 and has to pay $3.00 for the cashier check for a total cash transaction of $10,003. What should you do and why?
    • A. 

      File a CTR due to the cash in for the purchase of the CU check is greater than $10,000

    • B. 

      Nothing we do not file CTR's at our branch

    • C. 

      Give the information to my Branch Manager to fill out

    • D. 

      Give the CTR form to the member to fill out

  • 9. 
    Ray Kinsella deposits $590 in cash at 9:00am and another $650 at 1:30pm into his account on Tuesday.  Then he deposits $1500 in cash in the ATM on Wednesday.  On Friday, he deposits $1100 in cash at another branch ATM.  What could this be an example of?
    • A. 

      Splitting

    • B. 

      Structuring

    • C. 

      Deconstructing

    • D. 

      A and B

  • 10. 
    Meme Paris, a longtime member of the Credit Union, comes into your Credit Union visibly distraught. She withdraws $15,000 in cash from her share savings account. Memo says she is in a hurry as she is on her way to the airport as there has been a death in her family. She rushes out of the Credit Union to the airport. Since you know Memo very well it is okay to use "Credit Union member known to us" as the identifying information in completing the Identification section of the CTR.
    • A. 

      True

    • B. 

      False

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