BSA Training

What does BSA stand for?

• Bank Security Act

• Bank Secrecy Act

• Bank Special Accounts

• Banking Security Association

What is not a type of criminal activity under BSA?

• Writing bad checks

• Tax Fraud

• Human Trafficking

• Money Laundering

What does CTR stand for?

• Cash Tracking Report

• Currency Tracking Report

• Currency Transaction Report

• Cash Transaction Report

When does a CTR need to be filled out?

• When transactions on a single business day are less than $10,000

• When transactions on a single business day exceed more than $10,000

• Transactions between $3,000-$10,000

• When someone looks suspicious

What is NOT required on a CTR?

• Date of birth

• Current occupation

• Physical address

• Phone number

What does SAR stand for?

• Suspicious Activity Report

• Suspicious Account Report

• Special Account Report

• Savings Account Report

True or False: Currency should always be deposited into a share before being used to purchase a negotiable instrument.

Answer explanation

True! We should never use CR KD or CR Mo as a transaction string.

What does OFAC stand for?

• Office of Foreign Account Control

• Office of Foreign Assets Control

• Official Foreign Account Center

• Official Financial Asset Company

When do you NOT need to OFAC someone?

• Payee name on a bank check

• Opening an account

• Depositing a check into savings

• Cashing a check for a non-member

What is an example of an open ended question?

Answer explanation

Who? What? When? Where? How? Why?

Where the answer is not a simple YES or NO