BSA Flashcards Preview

Additional CRCM > BSA > Flashcards

Flashcards in BSA Deck (23)
Loading flashcards...
1
Q

The BSA program requirements are

A

Must be in writing

Approved by board of directors and noted in the board minutes

Must be commensurate with instruction BSA profile ( Products, Services, customers, entities,an geographies served)

2
Q

Content of BSA program should include

A

System of of internal controls

Independent testing for compliance

Designated individual responsible for coordinating and monitoring on day to day basis

System for training employees

3
Q

What should system of controls provide

A

Identification of vulnerable to money laundering

Inform board of directors and senior management of compliance

Identify person to ensure compliance

4
Q

For currency more than 10k, financial institutions must file

A

A Fincen bank secrecy act currency transaction report. (BCTR)

5
Q

What transactions BCTR be filed on

A

Deposits

Withdrawals

Currency exchange

Payment or transfer through a financial institution

6
Q

CTR must be filed in how many days

A

15 after the reportable transaction occurred

7
Q

How are CTRs filed

A

Through ficen bsa e filing system

8
Q

How must a bank designate someone as exempt from filing an ctr

A

Filing a ficen form 110 within 30 days of the first reportable transaction

9
Q

How often must a person exempt status be reviewed

A

Annually

10
Q

What must banks do when they consider someone to be exempt

A

Make sure the necessary steps were taken

Document the basis for its conclusions

And reason for compliance

11
Q

Are listed businesses exempt from ctr reporting

A

Yes,

12
Q

Are subsidiary of listed businesses exempt from ctr

A

Yes

13
Q

When does a bank subject to a penalty for failure to file a CTR on a exempt transaction

A

Knowingly Filed a false report

The transaction did not meet the exempt criteria

14
Q

When can a business lose an exempt status

A

Comes off stock exchage

If a subsidiary and parent company owns less than 51%

Suspicious activity

15
Q

When do you have to file a report of international transportation of currency or monetary instruments (cmir)

A

When exporting more than 10k out of the country and you are not exempt

16
Q

When must a cmir be filed

A

If sending one, at the time of entry into the us

If receiving one, 15 days after receipt

17
Q

Who has to report a foreign financial account

A

Any person with a financial interest in or has authority over a financial account in a foreign country

18
Q

Reporting foreign accounts must be made using

A

Ficen form 114

19
Q

If a person had 25 or more accounts, do they have to file detail information on each one

A

No

20
Q

If the amount of the foreign account exceeds 10k, how soon does the report have to be filed

A

Therefore 6/30 of the proceeding year

21
Q

What must be maintained for purchasers of money orders 3k or more

A
Name of purchaser
Date of purchase
Type of instrument
Serial number of each instrument
Dollar amount of each instrument 
Verification of customer identity
22
Q

Are fund transfers monitored under BSA

A

Yes ,3k or more and the transfer does not state a condition of payment

23
Q

What type of fund transfers do not have to be reported

A

Clearing house, atm, point of sale, ones originated at a bank, us, state or local government, broker