BSA

Question 1

The BSA program requirements are

Answer 1

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)

Question 2

Content of BSA program should include

Answer 2

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

Question 3

What should system of controls provide

Answer 3

Identification of vulnerable to money laundering

Inform board of directors and senior management of compliance

Identify person to ensure compliance

Question 4

For currency more than 10k, financial institutions must file

Answer 4

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

Question 5

What transactions BCTR be filed on

Answer 5

Deposits

Withdrawals

Currency exchange

Payment or transfer through a financial institution

Question 6

CTR must be filed in how many days

Answer 6

15 after the reportable transaction occurred

Question 7

How are CTRs filed

Answer 7

Through ficen bsa e filing system

Question 8

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

Answer 8

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

Question 9

How often must a person exempt status be reviewed

Answer 9

Annually

Question 10

What must banks do when they consider someone to be exempt

Answer 10

Make sure the necessary steps were taken

Document the basis for its conclusions

And reason for compliance

Question 11

Are listed businesses exempt from ctr reporting

Answer 11

Yes,

Question 12

Are subsidiary of listed businesses exempt from ctr

Answer 12

Yes

Question 13

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

Answer 13

Knowingly Filed a false report

The transaction did not meet the exempt criteria

Question 14

When can a business lose an exempt status

Answer 14

Comes off stock exchage

If a subsidiary and parent company owns less than 51%

Suspicious activity

Question 15

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

Answer 15

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

Question 16

When must a cmir be filed

Answer 16

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

If receiving one, 15 days after receipt

Question 17

Who has to report a foreign financial account

Answer 17

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

Question 18

Reporting foreign accounts must be made using

Answer 18

Ficen form 114

Question 19

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

Answer 19

No

Question 20

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

Answer 20

Therefore 6/30 of the proceeding year

Question 21

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

Answer 21

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

Question 22

Are fund transfers monitored under BSA

Answer 22

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

Question 23

What type of fund transfers do not have to be reported

Answer 23

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