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Question 241

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Which of the following transactions requires completion of FinCEN Form 104, a CTR?

Deposit of checks totaling $12,000 to a checking account
Deposit of checks totaling $12,000 to a checking account
Cash purchase of a cashier's check for $7,800
Cash purchase of a cashier's check for $7,800
Cash withdrawal of $3,000 from a checking account
Cash withdrawal of $3,000 from a checking account
Cashing of a $14,000 check for a customer
Cashing of a $14,000 check for a customer
Suggested answer: D
asked 16/09/2024
gareth warner
21 questions

Question 242

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On which of the following loans must a bank maintain records under the Bank Secrecy Act?

All loans exceeding $5,000 and secured by real property
All loans exceeding $5,000 and secured by real property
All loans exceeding $5,000, but not secured by real property
All loans exceeding $5,000, but not secured by real property
All loans exceeding $10,000 and secured by real property
All loans exceeding $10,000 and secured by real property
All loans exceeding $10,000, but not secured by real property
All loans exceeding $10,000, but not secured by real property
Suggested answer: D
asked 16/09/2024
Endre Horvath
32 questions

Question 243

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An individual comes into the bank and makes a $6,000 cash deposit into a checking account. At the same time, the individual buys a $7,000 cashier's check with cash. According to the Bank Secrecy Act, what is the bank is required to do?

File a SAR for $13,000
File a SAR for $13,000
File a CTR for the $6,000 cash deposit
File a CTR for the $6,000 cash deposit
Aggregate the transactions and retain information about the purchase of the cashier's check
Aggregate the transactions and retain information about the purchase of the cashier's check
Obtain the recordkeeping information for the purchase of the cashier's check and complete a CTR for the total cash-in transaction of $13,000
Obtain the recordkeeping information for the purchase of the cashier's check and complete a CTR for the total cash-in transaction of $13,000
Suggested answer: D
asked 16/09/2024
Landry Tankam
38 questions

Question 244

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Which of the following is NOT considered an acceptable form of identification for an individual when completing a CTR?

U.S. passport
U.S. passport
Long-term deposit account relationship
Long-term deposit account relationship
State-issued photo identification (e.g., driver's license)
State-issued photo identification (e.g., driver's license)
Photo identification card issued by a local government agency
Photo identification card issued by a local government agency
Suggested answer: B
asked 16/09/2024
Arturs Grigorjevs
42 questions

Question 245

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Which of the following customers may be exempted under Phase II of the Bank Secrecy Act?

Government agencies
Government agencies
Correspondent banks
Correspondent banks
Payroll customers
Payroll customers
Businesses whose stocks are traded on a national stock exchange
Businesses whose stocks are traded on a national stock exchange
Suggested answer: C
asked 16/09/2024
ftere yagoglu
32 questions

Question 246

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In which of the following circumstances is it LEAST appropriate for a bank to file a SAR regarding Internet activity?

Bank determines that one of its customers is the victim of identity theft
Bank determines that one of its customers is the victim of identity theft
Bank becomes aware of identity theft of its domain name (i.e., another entity selects a name similar to the bank's in order to confuse customers and obtain confidential financial information)
Bank becomes aware of identity theft of its domain name (i.e., another entity selects a name similar to the bank's in order to confuse customers and obtain confidential financial information)
Bank discovers that someone has hacked into its data system in order to obtain confidential customer data
Bank discovers that someone has hacked into its data system in order to obtain confidential customer data
Bank determines through its transaction-monitoring program that a customer is making electronic transfers between his own checking and savings accounts that are just below the $10,000 reporting level
Bank determines through its transaction-monitoring program that a customer is making electronic transfers between his own checking and savings accounts that are just below the $10,000 reporting level
Suggested answer: D
asked 16/09/2024
Juan Yontz
46 questions

Question 247

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When completing and filing a SAR, what is the bank NOT required to do?

Submit a copy of the supporting documentation with the SAR
Submit a copy of the supporting documentation with the SAR
Submit the SAR within 30 days of the initial detection of facts
Submit the SAR within 30 days of the initial detection of facts
Report the SAR information to the bank's board of directors
Report the SAR information to the bank's board of directors
Maintain a copy of the SAR and supporting documentation for 5 years
Maintain a copy of the SAR and supporting documentation for 5 years
Suggested answer: A
asked 16/09/2024
DATA DYNAMICAL SOLUTIONS
35 questions

Question 248

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What should a bank's Bank Secrecy Act compliance program include?

All lobby notice requirements
All lobby notice requirements
The one-year record retention requirements
The one-year record retention requirements
Designation of individuals responsible for day-to-day compliance
Designation of individuals responsible for day-to-day compliance
A list of types of loans covered by the Act
A list of types of loans covered by the Act
Suggested answer: C
asked 16/09/2024
stefano nicoletti
35 questions

Question 249

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A routine review of account records reveals that suspicious activity involving foreign currency has occurred in the account of one of the bank's directors. Which of the following actions should be taken FIRST?

A SAR should be fileD.
A SAR should be fileD.
The bank's board of directors should discuss the account activity without the affected director being present.
The bank's board of directors should discuss the account activity without the affected director being present.
The bank's president should meet with the affected director to discuss the account activity.
The bank's president should meet with the affected director to discuss the account activity.
The bank should file a CTR, checking the box that indicates the report is for suspicious activity.
The bank should file a CTR, checking the box that indicates the report is for suspicious activity.
Suggested answer: A
asked 16/09/2024
Alex Pilallis
43 questions

Question 250

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A compliance officer is constructing a review of a transaction in which M, a deposit account customer, used cash to purchase travelers' checks in an amount of $4,000. The compliance officer must determine compliance with financial recordkeeping and currency reporting regulations. Which of the following pieces of information must be part of the bank's records for this transaction?

M's date of birth
M's date of birth
M's deposit account number
M's deposit account number
The serial numbers of the travelers' checks purchased
The serial numbers of the travelers' checks purchased
The name of the branch where the transaction occurred
The name of the branch where the transaction occurred
Suggested answer: C
asked 16/09/2024
Sweet Don
35 questions
Total 463 questions
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