BSA & TREASURY BSA REG Flashcards
The two major requirements of the BSA and regulations are the …… and the …… requirements.
When a member conducts a transactions that exceeds $10k, the CU has no duty to notify the member that it must file a CTR. True or False?
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 exceeds $10k. True or False? CTRs must be e-filed within 15 days. True or False?
When a CU looks at a member’s government issued picture ID to verify the member’s identity that satisfies the MIP’s requirement that the CU has a reasonable belief that it knows the true identity of the person. True or False?
Under the MIP the CU is required to obtain the physical address of a new member opening an account. True or False?
In order to receive a payroll customer exemption from the CTR reporting requirements, a company must have maintained a transaction account at the CU for at least 2 months, regularly withdraw over $10k in currency to pay employees, and be incorporated under US or state laws. True or False? This exemption can be used for deposits as well. True or False?
a. The special order geographic reporting requirement of the BSA is nothing more than an order from the treasury requiring the filing of CTRs at a specified currency transaction threshold of $10k or less. True or False?
b. when the treasury dept. orders “geographic targeting” 1. the dollar threshold for filing CTRs may be lower than the normal threshold amount, 2. the notice of the special order will be directed to the CU’s CEO, and 3. the notice will outline the types of transactions that are subject to the order. True or False?
A SAR must always be filed in the case of a robbery or burglary?
When a member wishes to pay cash for an instrument such as a cashier’s check or a money order in amounts of $3k to $10k, the CU must keep a record of the member’s name, date of the sale, amount, serial number, and type of the instrument. True or False? BSA require CU to keep a log of these transactions. True or False?
The CU’s BSA compliance program must:
-be in writing and approved by the board of directors
-have ongoing traning on the bsa for the CU’s employees
-have independent testing for the CU’s compliance with BSA requirements, or
-all of the above
NCUA rules and regs section 748.2 dealing with the BSA requirements for federal CUs requires the CU to file an annual report with NCUA. True or False?
