Trivia Quiz: How Well Do You Know About Suspicious Activity Report?

1. When you notice suspicious activity you should first talk to ___________.

Fellow co-worker

Your manager

Todd Adamson

Your best friend

When you notice suspicious activity, it is important to report it to your manager. Your manager is responsible for overseeing the operations and safety of the workplace, and they have the authority to investigate and take appropriate action. Reporting to your manager ensures that the issue is brought to the attention of someone who has the power to address it effectively and maintain the security and integrity of the organization.

Explanation

When you notice suspicious activity, it is important to report it to your manager. Your manager is responsible for overseeing the operations and safety of the workplace, and they have the authority to investigate and take appropriate action. Reporting to your manager ensures that the issue is brought to the attention of someone who has the power to address it effectively and maintain the security and integrity of the organization.

2. Which of the following is not one of the three phases of money laundering?

Placement

Integration

Ironing

Layering

Ironing is not one of the three phases of money laundering. The three phases are placement, layering, and integration. Placement refers to the process of introducing illegal funds into the financial system. Layering involves disguising the source and ownership of the funds through complex transactions. Integration is the final phase where the laundered funds are re-introduced into the legitimate economy. Ironing is not a recognized phase in the money laundering process.

Explanation

Ironing is not one of the three phases of money laundering. The three phases are placement, layering, and integration. Placement refers to the process of introducing illegal funds into the financial system. Layering involves disguising the source and ownership of the funds through complex transactions. Integration is the final phase where the laundered funds are re-introduced into the legitimate economy. Ironing is not a recognized phase in the money laundering process.

3. When you file a SAR, all suspects will be punished for their suspicious activity?

True

False

Filing a Suspicious Activity Report (SAR) does not guarantee that all suspects will be punished for their suspicious activity. SARs are used to report suspicious transactions or behavior to law enforcement agencies for further investigation. It is up to the authorities to determine if there is enough evidence to take action against the suspects. Therefore, the statement is false as the punishment of suspects depends on the investigation and legal proceedings that follow the filing of a SAR.

Explanation

Filing a Suspicious Activity Report (SAR) does not guarantee that all suspects will be punished for their suspicious activity. SARs are used to report suspicious transactions or behavior to law enforcement agencies for further investigation. It is up to the authorities to determine if there is enough evidence to take action against the suspects. Therefore, the statement is false as the punishment of suspects depends on the investigation and legal proceedings that follow the filing of a SAR.

4. Check all of the behaviors that would require a SAR to be filed:

Making a loan payment

Going through the drive-up backwards

Using fake ID's

Checking account balances

Money laundering

Fraud

The behaviors that would require a SAR (Suspicious Activity Report) to be filed are using fake IDs, money laundering, and fraud. These activities are considered suspicious and potentially illegal, thus warranting the filing of a SAR. Making a loan payment and checking account balances are normal banking activities and do not necessarily indicate any suspicious behavior. Going through the drive-up backwards, while unusual, does not directly involve any illegal or suspicious activity.

Explanation

The behaviors that would require a SAR (Suspicious Activity Report) to be filed are using fake IDs, money laundering, and fraud. These activities are considered suspicious and potentially illegal, thus warranting the filing of a SAR. Making a loan payment and checking account balances are normal banking activities and do not necessarily indicate any suspicious behavior. Going through the drive-up backwards, while unusual, does not directly involve any illegal or suspicious activity.

Submit

5. You need to file a CTR on all cash transactions more than $_____________.

$9999

$1000

$999

$10,000

The correct answer is $10,000 because filing a Currency Transaction Report (CTR) is required for all cash transactions that exceed this amount. This is a legal requirement in many countries, including the United States, to monitor and report any suspicious or potentially illegal activities involving large amounts of cash. Transactions below this threshold do not require a CTR to be filed.

Explanation

The correct answer is $10,000 because filing a Currency Transaction Report (CTR) is required for all cash transactions that exceed this amount. This is a legal requirement in many countries, including the United States, to monitor and report any suspicious or potentially illegal activities involving large amounts of cash. Transactions below this threshold do not require a CTR to be filed.