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Flashcards in Test 3 Deck (22):

How many days after a qualifying currency transaction should a CTR be filed

15 days


BSA allows certain business to be exempted from CTR requirements, there also are certain businesses that are not allowed to be exempted. However a business that engages in multiple transaction activities can qualify as an exemption organization even if some of its business interests are listed as non exempt



The purpose of voluntary information sharing outside allowed under safe harbor rules is...

identify and report activities that may involve terrorist activity or money laundering


Monetary Instruments include...

bank checks, money orders, travelers checks


When a customer purchases a monetary instrument in the amount of ___ or more, the bank is required to verify the identify of the person



BSA funds transfer regulations contained what is referred to as "the travel rule" when funds transfers of $3,000 or more the travel rule requires

identity of the transmitter, beneficiary institution, beneficiary on the transmittal order


BSA prohibits US banks from

establishing correspondent accounts with shell banks


When the CDD or the EDD for a foreign correspondent account cannot be preformed

refuse to open the account, close the account, suspend transaction activity


In order for a banking relationship to be considered private banking it must have...

min of 1 million dollars, established on behalf of or for the benefit of one or more non-US persons, is assigned to be administered by, in whole or in part, by an officer, employee or agent of a bank acting as a liaison between financial institution


A particular concern to banks which have private banking relationships are senior foreign political figures who are often referred to as...

Politically Exposed Person


If a US citizen has more than ___ in a foreign account during the year he must file an FBAR report.



A CMIR must be filed when a specific amount of ___ is shipped out of the US

Currency, money orders, or travelers checks


CMIR reports are triggered by...



OFAC is an office of...

Department of Treasury


A form of bank correspondence with one US bank and one foreign financial institution are controlled by the same person or group of persons who are closely associate in their business dealing but not subjected to consolidating supervision are known as...

Parallel Banking


A nested account is one in which

a foreign financial institution gains access to the US financial system through a different financial institutions correspondent account


When US banks receives bulk shipments of cash they are required to report the receipt or disbursement of bulk shipments when it exceeds...



US dollar draft

a bank draft or bank check denominated in US dollars made available at foreign financial institutions


What are PTAs used for

the banking of foreigners in the US


How do PTA users access money in their accounts

by using special checks issued by their banks


Pouches are used to transport currency, monetary instruments and other documents from ___ to financial institution from the ___

outside the US, inside the US


There are many risks to electronic banking, they include

deposits may be used by a front company or an unknown third party