BSA, AML, OFAC EXAM WITH
COMPLETE SOLUTIONS
CTR and SAR - ANSWER-2 primary means used by banks to satisfy BSA requirements
to require US banks to maintain appropriate records and file certain reports involving
currency transactions and customer relationships - ANSWER-purpose of BSA
$10M - ANSWER-BSA 2 parts - 1) Financial Recordkeeping and 2) Reports of
Currency/Foreign Transactions, which govern reporting of transactions in excess of ___
at every S&S examination - ANSWER-BSA must be reviewed how often?
satisfactory or unsatisfactory - ANSWER-BSA ratings
annually - ANSWER-BSA Compliance program must be in writing and approved by
BOD __
1) internal controls
2) BSA Officer
3) independent testing (annual)
4) training
5) customer due diligence - ANSWER-5 pillars of BSA
placement, layering, integration - ANSWER-3 stages of money laundering
placement - ANSWER-involves placement of bulk cash into the financial system without
appearance of being connected to criminal activity
layering - ANSWER-funds are transferred into other accounts/banks to separate $ from
criminal origins (wire transfer, offshore accts, etc)
50 - ANSWER-MSB = subject to __ percent rule
SHELL (has no physical presence) - ANSWER-banks cannot maintain correspondent
accts w/ foreign __ bank unless its a registered affiliate
OFAC - ANSWER-__ administers laws that impose economic and trade sanctions
based on foreign policy and national security objectives
all US persons and entities, including banks - ANSWER-OFAC applies to
COMPLETE SOLUTIONS
CTR and SAR - ANSWER-2 primary means used by banks to satisfy BSA requirements
to require US banks to maintain appropriate records and file certain reports involving
currency transactions and customer relationships - ANSWER-purpose of BSA
$10M - ANSWER-BSA 2 parts - 1) Financial Recordkeeping and 2) Reports of
Currency/Foreign Transactions, which govern reporting of transactions in excess of ___
at every S&S examination - ANSWER-BSA must be reviewed how often?
satisfactory or unsatisfactory - ANSWER-BSA ratings
annually - ANSWER-BSA Compliance program must be in writing and approved by
BOD __
1) internal controls
2) BSA Officer
3) independent testing (annual)
4) training
5) customer due diligence - ANSWER-5 pillars of BSA
placement, layering, integration - ANSWER-3 stages of money laundering
placement - ANSWER-involves placement of bulk cash into the financial system without
appearance of being connected to criminal activity
layering - ANSWER-funds are transferred into other accounts/banks to separate $ from
criminal origins (wire transfer, offshore accts, etc)
50 - ANSWER-MSB = subject to __ percent rule
SHELL (has no physical presence) - ANSWER-banks cannot maintain correspondent
accts w/ foreign __ bank unless its a registered affiliate
OFAC - ANSWER-__ administers laws that impose economic and trade sanctions
based on foreign policy and national security objectives
all US persons and entities, including banks - ANSWER-OFAC applies to
