Flashcards in Test 3 Deck (22):
How many days after a qualifying currency transaction should a CTR be filed
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...
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