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BSA/AML/CFT Annual Training

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Quiz for BSA/AML/CFT Annual Training

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BSA/AML/CFT Annual Training
BSA/AML/CFT Annual Training

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Question 1 of 10

1. Question
1. For how long must a bank retain a record of a Currency Transaction Report (CTR) from the date of its filing?
a. 7 Years
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b. 10 Years
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c. 5 Years
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d. 3 Years
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Question 2 of 10

2. Question
1. Which of the following is a key component (and required element) of an effective BSA / AML program?
a. Offering financial incentives to high-net-worth customers
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b. A system of internal controls to assure ongoing compliance
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c. Offering tiered transaction limits for different customer segments
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d. Only monitoring transactions that exceed $10,000
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Question 3 of 10

3. Question
1. Under which of the following conditions is a bank allowed to disclose the existence of a SAR?
a. If requested by the customer
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b. To comply with a FinCEN or law enforcement request
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c. If the bank's board of directors demands it
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d. To the bank’s marketing department, so as to avoid targeting high-risk customers
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Question 4 of 10

4. Question
1. Which agency is primarily responsible for enforcing BSA compliance?
a. The Federal Reserve
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b. Securities and Exchange Commission (SEC)
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c. Office of Foreign Asset Control (OFAC)
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d. Financial Crimes Enforcement Network (FinCEN)
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Question 5 of 10

5. Question
1. Under the Beneficial Ownership Rule, banks must identify which individuals in relation to legal entity customers? [Select the most accurate answer]:
a. Any employee opening an account
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b. At least one person with significant responsibility to control / manage the legal entity customer
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c. Any individual owning (directly or indirectly) 25% of the equity interests of the legal entity customer
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d. Both B & C
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Question 6 of 10

6. Question
1. How frequently should banks provide BSA / AML training to employees?
a. Every two years
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b. Only when new employees are hired
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c. At least annually
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d. Occasionally, but only for those employees working in compliance departments
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Question 7 of 10

7. Question
1. Which of the following is a primary responsibility of a bank’s BSA compliance officer?
a. Setting deposit interest rates
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b. Overseeing the bank’s compliance with BSA/AML regulations
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c. Managing daily teller transactions
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d. Setting bank-wide customer service policies
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Question 8 of 10

8. Question
1. True or false: It would be appropriate for a bank to conduct enhanced due diligence (EDD) on money services businesses (MSBs) due to their higher risk for money laundering, and the bank should assess factors such as ownership structure, transaction volumes, and geographic exposure.
a. True
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b. False
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Question 9 of 10

9. Question
1. The Customer Identification Program (CIP) requires banks to obtain what information from new customers?:
a. Full employment history and tax returns
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b. Name, date of birth, address, and identification number
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c. Citizenship status and Social Security card
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d. Passport, credit score, and employer details
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Question 10 of 10

10. Question
1. What is one key function of FinCEN’s 314(a) process?:
a. Sharing financial data between law enforcement and financial institutions
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b. Monitoring stock market transactions
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c. Determining the creditworthiness of bank customer
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d. Protecting consumer privacy
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