For purposes of BSA recordkeeping, multiple purchases during one business day totaling $3,000
or more are treated as one purchase. Similarly, purchases of different types of instruments totaling
$3,000 or more are treated as one purchase.
Credit unions must report blocked or rejected transactions within __________ business days
from the date that property becomes blocked or the transaction is rejected.
a. 14 business days
b. 30 calendar days
c. 10 business days
d. The date that the property is blocked/transaction is rejected.
Examples of appropriate authorities that may request SAR supporting documentation
include the following. Choose all that apply:
a. Drug Enforcement Administration
b. Internal Revenue Service
c. State Department d. NCUA or state regulator
e. Credit union's legal counsel
Multiple monetary instrument purchases during one business day are treated
as_______________.
a. One purchase when instruments total $10,000 or more
b. One purchase when instruments total $3,000 or more
c. Individual purchases which are never aggregated
d. Individual purchases when instruments are $1000 or less
,What should the credit union do with blocked property (i.e., funds in an account)?
a. Remit the blocked funds to OFAC
b. Place blocked funds into an interest-bearing account on the institution's books
c. Report blocked funds on a suspicious activity report
d. Monitor to ensure member doesn't conduct transactions
, Definition 2 of 48
THE CORRECT ANSWER IS D
All OFAC records must be retained for 5 years: • Rejected items: maintain records for 5 years from
the date of the transaction. • Blocked accounts: maintain records for 5 years after the date that the
account is unblocked. • Maintain a complete and accurate record of the blocked account for as
long as the credit union is holding the blocked property.
What should the credit union do with blocked property (i.e., funds in an account)?
a. Remit the blocked funds to OFAC
b. Place blocked funds into an interest-bearing account on the institution's books
c. Report blocked funds on a suspicious activity report
d. Monitor to ensure member doesn't conduct transactions
What must a credit union do if it fails to complete a required 314(a) search received during
the previous 12 months?
a. File a suspicious activity report (SAR)
b. Obtain the prior request(s) from FinCEN and perform a retroactive search of its records.
c. Immediately change the credit union's points of contact for receiving requests
d. Ignore the request since the previous list was likely terminated and replaced by a new
set of subjects.
OFAC record retention requires which of the following:
a. Records of rejected items must be maintained for 5 years from the date of the
transaction.
b. Records of blocked accounts must be maintained for 5 years after the date that the
account is unblocked.
c. Credit unions are required to maintain a complete and accurate record of the blocked
account for as long as it's holding the blocked property.
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