Section 1 of 14

Question 1

What are minimum requirements on CIP and its purpose?

Answer 1

SSN and DOB; prevent terrorism and money laundering

Question 2

Currency Transaction Report is known as form what?; what is the dollar limit; and how quickly is it reported and to whom?

Answer 2

Form 4789 within 15 days to the IRS for $10,000 or more

Question 3

You must maintain a record of wire transfers in what amounts?

Answer 3

$3,000 or more

Question 4

What is the first level of money laundering?

Answer 4

placement

Question 5

What is the second level of money laundering and what does it entail?

Answer 5

layering - it involves multiple deposits of amounts less than $10,000

Question 6

Currency Monitoring Report is for what amounts?

Answer 6

$10,000

Question 7

A SAR (suspicious activity report) is for what amount?

Answer 7

$5,000

Question 8

What is the penalty for money laundering?

Answer 8

20 years in prison and a $500,000 fine

Question 9

Telephone Consumer Protection Act of 1991 established hours for calls? what are the hours>

Answer 9

8:00 a.m. to 9:00 p.m. in the time zone of the customer being called

Question 10

A b/d must maintain a do not call policy and train RRs on the policy. what is the time frame for calling a customer who is on the list?

Answer 10

5 years