Banking Secrecy Act Test! Trivia Questions Quiz

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| By Catherine Halcomb
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Catherine Halcomb
Community Contributor
Quizzes Created: 1453 | Total Attempts: 5,802,580
Questions: 10 | Attempts: 182

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Banking Quizzes & Trivia

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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

    Correct Answer
    B. False
    Explanation
    We must fill in the information from a valid piece of identification; dl, state id, passport

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  • 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

    Correct Answer
    A. No
    Explanation
    Cash aggregate balance in is calculated seperately then cash aggregate balance out.

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  • 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

    Correct Answer
    C. A, B and D
    Explanation
    The examples "Farmer," "Doctor," and "Judge" would be acceptable to use to complete the Occupation section on the Currency Transaction Report (CTR). This is because these occupations are legitimate and common professions. "Self-employed" could also be considered acceptable as it is a valid occupation status.

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  • 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

    Correct Answer
    A. Yes
    Explanation
    Yes, a Currency Transaction Report (CTR) needs to be filed. The total amount of cash deposited by Archie Graham on the same business day exceeds $10,000, which is the threshold for filing a CTR. The night deposit of $2310 and the in-person deposit of $8215.75 add up to a total of $10525.75, surpassing the reporting requirement.

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  • 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

    Correct Answer
    F. All of the Above
    Explanation
    All of the listed options can be considered as possible suspicious activities that may warrant monitoring and the filing of a Suspicious Activity Report (SAR). Substantial deposits of numerous $50 and $100 bills can indicate potential money laundering or illicit activities. Couriers making deposits instead of the account holders can be a red flag for possible illegal activities. Frequent deposits of large amounts of currency wrapped in currency straps or stamped by other banks/credit unions can also be indicative of suspicious behavior. Finally, a member purchasing CU checks, money orders, etc with large amounts of cash can raise concerns about potential illicit transactions.

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  • 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

    Correct Answer
    B. False
    Explanation
    No a CTR would not be filled out due to Roy leaving with $10,000 in cash due to it being under the threshold limit.

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  • 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

    Correct Answer
    B. After the member leaves, file a SAR Initiation request
    Explanation
    After the member leaves, it is necessary to file a SAR (Suspicious Activity Report) initiation request. This is because the member has deposited a significant amount of cash, either $1000 or $1200, into their savings account over the past 10 days, totaling $8800. This pattern of cash deposits may indicate suspicious activity, such as money laundering or illegal transactions. Filing a SAR initiation request will allow further investigation into the member's transactions to ensure compliance with anti-money laundering regulations.

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  • 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

    Correct Answer
    A. File a CTR due to the cash in for the purchase of the CU check is greater than $10,000
    Explanation
    The correct answer is to file a CTR (Currency Transaction Report) because the cash in for the purchase of the cashier's check is greater than $10,000. A CTR is required by law for any cash transaction exceeding $10,000 in order to prevent money laundering and other illegal activities. By filing a CTR, the branch complies with regulatory requirements and ensures transparency in financial transactions.

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  • 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

    Correct Answer
    B. Structuring
    Explanation
    This could be an example of structuring. Structuring refers to the practice of depositing cash in smaller amounts to avoid triggering reporting requirements. In this case, Ray Kinsella is depositing cash at different times and different branches, which could be an attempt to avoid detection or suspicion.

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  • 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

    Correct Answer
    B. False
    Explanation
    We need to fill in a legitimate ID: DL, State ID, Passport

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