Bsa 11 sar filing - Study guides, Class notes & Summaries

c. A, B, and D are incorrect because a 314(a) request is an information sharing procedure authorized by section 314(a) of the USA PATRIOT Act. Section 314(a) authorizes a federal, state, local, or foreign law enforcement agency investigating terrorism or money laundering to request that FinCEN solicit, on its behalf, certain information from banks and other financial institutions about an individual, entity or organization about which the law enforcement entity is seeking information. - A...

BSA 11 SAR Filing questions with correct answers

BSA 11 SAR Filing

What is money laundering? Claiming illegal funds as a legitimate business transaction Who oversees money laundering? federal regulations like the USA PATRIOT Act, What is AML mean? AML refers collectively to laws, policies, and company programs intended to deter and detect money laundering. The first stage in the money laundering process is called? placement What does placement mean? brings the illicit cash into the legal financial system What is structuri...

When developing a training plan for commercial lenders, which of the following regulations is least important to include? - ANSWER Truth in Lending Act, CFPB Regulation Z The federal banking agencies have proposed an amendment to Regulation Z that would require a new early disclosure statement for loans secured by the borrower's principal dwelling. After reading the proposed change, what should the compliance professional do FIRST? - ANSWER Prepare a summary document that outlines the effect...