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DESCRIPTION
1-2 CTR must be filed within ____ days from the day of the cash transaction was performed. ShowAnswer 15 Days Return to Return to MenuTRANSCRIPT
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CTRCTR SARSAR PATRIOTPATRIOT OFACOFAC
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SCENARIOSCENARIO
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Rev 05-29-09
1-1
CTR stands for…CTR stands for…
Show Show AnswerAnswer
Cash Transaction Report Return toReturn toMenuMenu
1-2
CTR must be filed within ____ days from the CTR must be filed within ____ days from the day of the cash transaction was day of the cash transaction was
performed.performed.
Show Show AnswerAnswer
15 Days Return toReturn toMenuMenu
1-3
Cash transaction amount when a CTR Cash transaction amount when a CTR needs to be filed.needs to be filed.
Show Show AnswerAnswer
Over $10,000 Return toReturn toMenuMenu
1-4
What is our BSAWhat is our BSAExaminer code?Examiner code?
Show Show AnswerAnswer
5 Return toReturn toMenuMenu
1-5
True or False.True or False.A $6,000 cash-in transaction today and a A $6,000 cash-in transaction today and a
$5,000 cash-in transaction tomorrow $5,000 cash-in transaction tomorrow requires a CTR to be filed.requires a CTR to be filed.
Show Show AnswerAnswer
False Return toReturn toMenuMenu
2-1
SAR stands for…SAR stands for…
Show Show AnswerAnswer
Suspicious Activity Report Return toReturn toMenuMenu
2-2
SARs must be filed within _____ days of SARs must be filed within _____ days of detecting a suspicious activity.detecting a suspicious activity.
Show Show AnswerAnswer
30 Days Return toReturn toMenuMenu
2-3
True or False.True or False.Filing of SARs must be reported to the Filing of SARs must be reported to the
Board of Directors.Board of Directors.
Show Show AnswerAnswer
True Return toReturn toMenuMenu
2-4
True or False.True or False.The credit union must file an SAR if a credit The credit union must file an SAR if a credit
union employee has been caught stealing union employee has been caught stealing money from the credit union.money from the credit union.
Show Show AnswerAnswer
True Return toReturn toMenuMenu
2-5
Act of splitting large financial transactions Act of splitting large financial transactions into smaller transactions to avoid into smaller transactions to avoid
detection.detection.
Show Show AnswerAnswer
Structuring or Smurfing Return toReturn toMenuMenu
3-1
CIP stands for…CIP stands for…
Show Show AnswerAnswer
Customer Identification Program Return toReturn toMenuMenu
3-2
The CIP requires that the credit union have The CIP requires that the credit union have “________________ __________” of the “________________ __________” of the
true identity of the person opening an true identity of the person opening an account.account.
Show Show AnswerAnswer
Reasonable Belief Return toReturn toMenuMenu
3-3
Section of the USA PATRIOT Act allowing Section of the USA PATRIOT Act allowing the sharing of information with law the sharing of information with law
enforcement agencies through FinCEN.enforcement agencies through FinCEN.
Show Show AnswerAnswer
Section 314(a) Return toReturn toMenuMenu
3-4
Each time FinCEN issues the bi-weekly list it Each time FinCEN issues the bi-weekly list it requires the credit union to perform _____ requires the credit union to perform _____
search of its records.search of its records.
Show Show AnswerAnswer
A One-Time Search Return toReturn toMenuMenu
3-5
True or False.True or False.Prior to opening an account the credit union Prior to opening an account the credit union
must make sure that the customer is not must make sure that the customer is not on the FinCEN list.on the FinCEN list.
Show Show AnswerAnswer
False Return toReturn toMenuMenu
4-1
OFAC periodically issues the SDN list.OFAC periodically issues the SDN list.SDN stands for…SDN stands for…
Show Show AnswerAnswer
Specially Designated Nationals Return toReturn toMenuMenu
4-2
OFAC requires the credit union to do two OFAC requires the credit union to do two things when a positive match is made things when a positive match is made
against the SDN list.against the SDN list.
Show Show AnswerAnswer
Freeze the Account
Report it to OFAC
Return toReturn toMenuMenu
4-3
OFAC requires that a positive match be OFAC requires that a positive match be reported within ___ days.reported within ___ days.
Show Show AnswerAnswer
10 Days Return toReturn toMenuMenu
4-4
An annual report of all blocked accounts as An annual report of all blocked accounts as of of (1) (1) must be prepared and submitted must be prepared and submitted
by by (2) (2) ..
Show Show AnswerAnswer
(1) – June 30
(2) - September 30
Return toReturn toMenuMenu
4-5
True or False.True or False.Prior to opening a new account the credit Prior to opening a new account the credit
union must screen the potential member union must screen the potential member against the OFAC SDN list.against the OFAC SDN list.
Show Show AnswerAnswer
True Return toReturn toMenuMenu
5-1
Suspicious or Not Suspicious.Suspicious or Not Suspicious.A member presents for deposit 6 U.S. Postal A member presents for deposit 6 U.S. Postal
Money Orders for $500 each. The money Money Orders for $500 each. The money orders are purchased by the member.orders are purchased by the member.
Show Show AnswerAnswer
Suspicious Return toReturn toMenuMenu
5-2
CTR or No CTR.CTR or No CTR.John Doe withdraws $7,000 in cash in the John Doe withdraws $7,000 in cash in the
morning. He returns in the afternoon and morning. He returns in the afternoon and deposits $4,000 in cash.deposits $4,000 in cash.
Show Show AnswerAnswer
Do not file a CTR Return toReturn toMenuMenu
5-3
Suspicious or Not Suspicious.Suspicious or Not Suspicious.Juan Perez opens an account for his Juan Perez opens an account for his
restaurant. He makes regular check restaurant. He makes regular check deposits and wires the funds to different deposits and wires the funds to different financial institutions. He rarely or never financial institutions. He rarely or never
makes cash transactions.makes cash transactions.
Show Show AnswerAnswer
Suspicious Return toReturn toMenuMenu
5-4
How much do you report?How much do you report?(1)(1)- Jane Doe comes in the morning and - Jane Doe comes in the morning and
withdraws $6,000 in cash from savings withdraws $6,000 in cash from savings and $6,000 in cash from checking.and $6,000 in cash from checking.
(2)(2) - She comes back in the afternoon and - She comes back in the afternoon and makes a deposit of $3,000 in cash into makes a deposit of $3,000 in cash into
savings.savings.
Show Show AnswerAnswer
$12,000 Cash-Out, No Cash-In Return toReturn toMenuMenu
5-5
Suspicious or Not Suspicious.Suspicious or Not Suspicious.Joe Schmoe has a credit union account. The Joe Schmoe has a credit union account. The
account receives several irregular deposits account receives several irregular deposits by check, cash, wire, and ACH. On a by check, cash, wire, and ACH. On a
regular basis he wires funds of varying regular basis he wires funds of varying amounts to an account he holds in Hong amounts to an account he holds in Hong
Kong.Kong.
Show Show AnswerAnswer
Suspicious Return toReturn toMenuMenu