R8 Money Laundering

Question 1

What is the threshold dollar amount that triggers the need to file a currency transaction report (CTR) under the Bank Secrecy Act?

Answer 1

More than $10,000, financial institutions must file within 15 days of transaction or 25 if filed electronically

Question 2

Under the Bank Secrecy Act, as amended what must a bank do if its customer engages in a transaction that is not the type of transaction that the customer normally would be expected to engage in?

Answer 2

• File a Suspicious Activity Report (SAR) within 30 days of the transaction (60 days if filed electronically)
• Notify its board of directors that a SAR was filed
• Not notify the customer that a SAR was filed

Question 3

In general, how long must a financial institution keep records required to be kept under the Bank Secrecy Act, as amended?

Answer 3

5 years

Question 4

What are the dollar threshold and limit for triggering the monetary instrument sales records requirements under the Banks Secrecy Act?

Answer 4

$3,000 - $10,000 inclusive, financial institutions must keep records of the identity of persons purchasing money instruments for $3,000 - $10,000 inclusive the records are not filed with the government