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Flashcards in Test 3 Deck (22):
1

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

15 days

2

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

True

3

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

4

Monetary Instruments include...

bank checks, money orders, travelers checks

5

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

$3,000-$10,000

6

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

7

BSA prohibits US banks from

establishing correspondent accounts with shell banks

8

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

9

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

10

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

Politically Exposed Person

11

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

$10,000

12

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

Currency, money orders, or travelers checks

13

CMIR reports are triggered by...

$10,000

14

OFAC is an office of...

Department of Treasury

15

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

16

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

17

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

$10,000

18

US dollar draft

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

19

What are PTAs used for

the banking of foreigners in the US

20

How do PTA users access money in their accounts

by using special checks issued by their banks

21

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

outside the US, inside the US

22

There are many risks to electronic banking, they include

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