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CUCE > General Operations > Flashcards

General Operations Flashcards

1
Q

Two major requirements of the Bank Secrecy Act

A

Reporting & Recordkeeping

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2
Q

How soon must a CTR be e-filed?

A

Within 15 days

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3
Q

To get a payroll customer exemption from CTR reporting how long must a company have had an account with the cu?

A

At least 2 months

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4
Q

True or False? Monetary Instrument Logs are required under BSA.

A

False

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5
Q

What are the two major requirements of the Right to Financial Privacy Act?

A

Disclosure and Recordkeeping

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6
Q

How long should RTFPA records be retained?

A

Forever

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7
Q

What is the dollar amount threshold for issuing a 1099-INT

A

$10+

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8
Q

What is the dollar amount threshold for mortgage interest paid on 1098s?

A

$600+

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9
Q

What is the purpose of Form 1099-C?

A

To report the forgiveness of a debt of more than $600 by the CU

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10
Q

How long is a W-8 BEN form good for?

A

3 years

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11
Q

How soon must a CU notify a member that they are applying backup withholding?

A

Within 15 days of withholding beginning

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12
Q

Define “Member”

A

An individual with a continuing relationship at the credit union

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13
Q

Can a privacy notice be given verbally?

A

No

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14
Q

Can ESIGN consent be given verbally?

A

No

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15
Q

How long is a member’s ESIGN consent good for?

A

Forever

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16
Q

How long must OFAC records be kept?

A

5 years

17
Q

Who does the Bank Bribery Act apply to?

A

All CU management, volunteers, and employees

18
Q

Exceptions to the RTFPA

A

CTRs, SARs, & 1099s & 1098s

19
Q

When served with a Subpoena a CU must also be given what by the federal agency?

A

A Certificate of Compliance

20
Q

How long must BSA records be kept?

A

5 years

21
Q

How long must ESIGN records be kept?

A

Not applicable, not required

22
Q

How soon must a SAR be filed?

A

Within 30 days of the suspect act

23
Q

CIP requirements

A

Name
DOB
Physical Address
SSN
Identification number from ID

CUCE (5 decks)

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