CUCE - GENERAL OPERATIONS NEW UPDATE
WITH COMPLETE SOLUTION
The two major requirements of bank secrecy act and regulations are the reporting and
record keeping requirements. - Answer - True
When a member conducts a currency transaction that exceeds $10,000, the credit union
has no duty to notify the member that it must file a currency transaction report. - Answer
- True
Multiple same day currency transactions conduct by or on behalf of the same person must
be added together and reported on a CTR if the cash transactions exceed $10,000. -
Answer - True
A CTR must be e-filed within 15 days. - Answer - True
When a credit union looks at a member's government issued picture ID to verify the
members identity that satisfies the MIPs requirement that the credit union has a
"reasonable belief that it knows the true identity of the person." - Answer - True
Under the MIP the credit union is required to obtain the physical address of a new member
opening an account. - Answer - True
In order to receive a "payroll customer" exemption from CTR reporting requirements, a
company must have maintained a transaction account at the credit union for at least two
months, regularly withdrawal over $10,000 in currency to pay employees, and he
incorporated under US or state laws. - Answer - True
A CTR "payroll exemption" can be used for deposit as well. - Answer - False
The "special order geographic reporting requirement" of the bank secrecy act, is nothing
more than an order from the treasury requiring the filing of currency transaction reports
at a specified currency transaction threshold of $10,000 or less. - Answer - True
When the treasury department orders "geographic targeting" the dollar threshold for filing
CTRs may be lower than the normal threshold amount, the notice of the special order will
be directed to the credit union's CEO and the notice will outline the types of transactions
that are subject to the order. - Answer - True
, A suspicious activity report must always be filed in the case of a robbery. - Answer - False
A suspicious activity report must always be filed in case of a burglary. - Answer - False
When a member wishes to pay cash for an instrument such as a cashiers check or money
order in amounts from $3000-$10,000, the credit you need must keep a record of the
members name, date of the sale, amount, serial number and type of instrument. - Answer
- True
BSA statutes require that the credit union keep a "log" of monetary instruments purchased
between the amount of $3000-$10,000. - Answer - False
The credit Union bank secrecy act compliance program must be in writing and approved
by the Board of Directors, have ongoing training on the BSA for the credit union
employees, have independent testing for the credit unions compliance with the BSA's
requirements. - Answer - True
The NCUA rules and regulations section 748.2 dealing with the bank secrecy
requirements for the federal credit unions requires the credit union to file an annual report
with the NCUA. - Answer - False
The right to Financial privacy act applies to all members of the credit union. - Answer -
False
The right to Financial privacy act applies to federal government authorities, but not state
and local government authorities. - Answer - True
The two major requirements of the right to financial privacy act are the general prohibition
against disclosure and the record keeping requirements. - Answer - True
If a member grants a federal agency permission to examine her financial records, the
permission form that she signs must include a provision for "financial compensation" for
any inconvenience to the member. - Answer - False
If a member authorizes the release of her records to a federal agency in writing, the
statement must specify the purpose for the release of information, the name of the agency
to receive the information, and that the member has a right to receive a copy of the
records that are released. Additionally, the member can revoke the authorization. -
Answer - True
WITH COMPLETE SOLUTION
The two major requirements of bank secrecy act and regulations are the reporting and
record keeping requirements. - Answer - True
When a member conducts a currency transaction that exceeds $10,000, the credit union
has no duty to notify the member that it must file a currency transaction report. - Answer
- True
Multiple same day currency transactions conduct by or on behalf of the same person must
be added together and reported on a CTR if the cash transactions exceed $10,000. -
Answer - True
A CTR must be e-filed within 15 days. - Answer - True
When a credit union looks at a member's government issued picture ID to verify the
members identity that satisfies the MIPs requirement that the credit union has a
"reasonable belief that it knows the true identity of the person." - Answer - True
Under the MIP the credit union is required to obtain the physical address of a new member
opening an account. - Answer - True
In order to receive a "payroll customer" exemption from CTR reporting requirements, a
company must have maintained a transaction account at the credit union for at least two
months, regularly withdrawal over $10,000 in currency to pay employees, and he
incorporated under US or state laws. - Answer - True
A CTR "payroll exemption" can be used for deposit as well. - Answer - False
The "special order geographic reporting requirement" of the bank secrecy act, is nothing
more than an order from the treasury requiring the filing of currency transaction reports
at a specified currency transaction threshold of $10,000 or less. - Answer - True
When the treasury department orders "geographic targeting" the dollar threshold for filing
CTRs may be lower than the normal threshold amount, the notice of the special order will
be directed to the credit union's CEO and the notice will outline the types of transactions
that are subject to the order. - Answer - True
, A suspicious activity report must always be filed in the case of a robbery. - Answer - False
A suspicious activity report must always be filed in case of a burglary. - Answer - False
When a member wishes to pay cash for an instrument such as a cashiers check or money
order in amounts from $3000-$10,000, the credit you need must keep a record of the
members name, date of the sale, amount, serial number and type of instrument. - Answer
- True
BSA statutes require that the credit union keep a "log" of monetary instruments purchased
between the amount of $3000-$10,000. - Answer - False
The credit Union bank secrecy act compliance program must be in writing and approved
by the Board of Directors, have ongoing training on the BSA for the credit union
employees, have independent testing for the credit unions compliance with the BSA's
requirements. - Answer - True
The NCUA rules and regulations section 748.2 dealing with the bank secrecy
requirements for the federal credit unions requires the credit union to file an annual report
with the NCUA. - Answer - False
The right to Financial privacy act applies to all members of the credit union. - Answer -
False
The right to Financial privacy act applies to federal government authorities, but not state
and local government authorities. - Answer - True
The two major requirements of the right to financial privacy act are the general prohibition
against disclosure and the record keeping requirements. - Answer - True
If a member grants a federal agency permission to examine her financial records, the
permission form that she signs must include a provision for "financial compensation" for
any inconvenience to the member. - Answer - False
If a member authorizes the release of her records to a federal agency in writing, the
statement must specify the purpose for the release of information, the name of the agency
to receive the information, and that the member has a right to receive a copy of the
records that are released. Additionally, the member can revoke the authorization. -
Answer - True
