Bank Secrecy Act & Treasury BSA Regulations Flashcards
When a member conducts a currency transaction that exceeds $10,000, the credit union has no duty to notify the member that it must file a currency transaction report (CTR)
True
Multiple same-day currency transactions conducted by or on behalf of the same person must be added together and reported on a CTR if the cash transactions exceed $10,000
True
CTRs must be e-filed within 15 days
True
When a credit union looks at a members, government issued picture ID to verify the members identity that satisfies the MIPs requirement that the credit union has a reasonable belief that it knows the true identity of the person
True
Under the MIP the credit union is required to obtain the physical address of a new member opening an account
True
In order to receive a payroll customer exemption from the CTR reporting requirements a company must have maintained a transaction account at the credit union for at least two months regularly withdraw over $10,000 in currency to pay employees and be incorporated under US or state laws
True
This exemption can be used for deposits as well
False
The special order geographic reporting requirement of the bank secrecy act (a section 5326 order) is nothing more than an order from treasury requiring the filing of currency transaction reports (CTRs) at a specified currency transaction threshold of $10,000 or less
True
When the treasury department orders, geographic targeting the dollar threshold for filing CTRs may be lower than the normal threshold amount. The notice of the special order will be directed to the credit union’s CEO and the notice will outline the types of transactions that are subject to the order.
True
A suspicious activity report (SAR) must always be filed in the case of a robbery or burglary
False
When a member wishes to pay cash for (purchase) an instrument, such as a cashiers check or a money order in amounts from $3000 to $10,000 the credit union must keep a record of the members name date of the sale amount serial number and type of instrument
True
BSA statues require the credit union to keep a log of these transactions
False
The credit union bank, secrecy act compliance program must
Be in writing an approved by the board of directors, have ongoing training on the BSA for the credit unions employees, have independent testing for the credit unions compliance with the BSA’s requirements
All the above
The NCUA rules and regulations section 748.2 dealing with the bank secrecy requirements for federal credit unions requires the credit union to file an annual report with the NCUA.
False
