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Which of the following customers may be exempted under Phase II of the Bank Secrecy Act?
Martha Whitmire, the BSA Compliance Officer for First National Bank, is responsible for monitoring the bank's daily currency activity and wire transfers, for compliance with information retention and reporting requirements. Ms. Whitmire notices during her review on March 10 that, during the previous two weeks, a transaction occurred on the same account several times during the week. The activity appeared at one branch office as cash deposits in dollar amounts under the reporting thresholds. Ms. Whitmire discusses this activity with the branch manager and determines that this same deposit activity occurred several times during the previous six weeks. She then conducts a more extensive examination of the account's activity for several months and discovers that cash deposits were made at one branch office and purchases of bank cashiers checks were made by withdrawals from the same account at a different branch office. All withdrawals and purchases of cashier's checks were for the identical amount as the cash deposits.Which statement best describes Ms. Whitmire's responsibility?
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Banks must establish and maintain effective risk management and control processes over its DCCs and DSAs, including:
Of the following actions, which one is NOT recommended by the OCC's advisory letter as a necessary tool of management oversight of insurance and annuity sales?
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In April Lillian Redmond, the teller supervisor for First National Bank, discovers five counterfeit $20 bills in several teller drawers. In May and in June she discovers two additional counterfeit $20 bills. She has no knowledge of criminal activity on the part of any of the bank's employees or customers. She does not suspect any particular person in this transaction. Which of the following statements is true?
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The following mentioned points are actually _______________. * Reserve Banks may rely on numbers given in a payment order to identify an intermediary or beneficiary bank * Reserve Banks, when acting as beneficiary's bank, may rely on the number in the payment order that identifies the beneficiary

Question 243 - CRCM discussion

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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?

A.
File a SAR for $13,000
Answers
A.
File a SAR for $13,000
B.
File a CTR for the $6,000 cash deposit
Answers
B.
File a CTR for the $6,000 cash deposit
C.
Aggregate the transactions and retain information about the purchase of the cashier's check
Answers
C.
Aggregate the transactions and retain information about the purchase of the cashier's check
D.
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
Answers
D.
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
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asked 16/09/2024
Landry Tankam
38 questions
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