BSA/AML and SARs questions with correct answers

BSA/AML: Overview Final Assessment with complete solution

There are two steps to the CIP Process. The first step involves obtaining the customer's identification. What is the second step? - ANSWER-Verification There are three steps that criminals take when laundering money. One is placement, the second is layering. What is the third step called? - ANS...

What do functional regulators measure? - ANSWER-They measure programs. True or False. Compliance programs must be written. - ANSWER-true What does the FFIEC create? - ANSWER-A Common Program/ testing tool What does FFIEC stand for? - ANSWER-Federal Financial Institutions Examination Council Wha...

Customer Due Diligence (CDD) - ANSWER-1. Applies to all customers 2. Initial questions asked by account opening personnel and answered at account opening to identify potentially high risk factors. Enhanced Due Diligence (EDD) - ANSWER-1. Applies to some customers representing higher exposure to ...

At an orientation meeting for new hires, a compliance officer explained the required elements of the financial institution's Bank Secrecy Act (BSA) compliance program. Assuming the institution is compliant, which option lists two activities that should be included in the compliance officer's ex...

Requirements for a CTR filed with FinCEN -must be submitted within 15 calendar days from the transaction business date -banks must retain copies for 5 years from the date of the report CTR exemptions Phase I and Phase II for certain businesses, not individuals CTR exemptions Phase I (exempt fro...

b. A, C, and D are incorrect because although these types of mistakes can be noted in an exam, Robert, Natasha, and Mark followed all the correct BSA/AML procedures but unfortunately, had oversights in their daily tasks. - ANSWER-1. Severe penalties can be assessed for violations of the BSA/AML ...