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Related Flashcards
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Cards In This Set
| Front | Back |
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What government agency is repsponsible for administering the BSA
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FinCEN (Financial Crimes Enforecement Network)
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When does a CTR (currency transation report) need to be filed?
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Within 15 days following the day on which the reportable transaction occured
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Penalty for individuals who violate the BSA
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Up to 20 years in prison & 500,000 in fines
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SEction 314 of the USA Patriot ACT requires
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Information sharing from financial institutions and regulators to law enforcement when formally requrested through FinCEN
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Currency is
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Coin and paper money of the US or any other country as long as it customarily accepted as money in the country of issue
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A payroll customer frequently
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Withdrawals more than 10K cash to pay US employees in currency
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SARS are reported to
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FinCEN
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SARS must be maintaine for
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5 years
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Documentation of customer verification must be maintained for
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5 years
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Financial institutions must cross check customer identities with
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Government lists for known or suspected terrorists or terrorist organizations
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The Bank Secrecy Act was enacted in
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1970
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If a search for requested info returns no results....
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The institutions does not need to reply to the request
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When should supporting documentation for a SAR by provided?
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When requesting by law enforecement
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When should supporting documentation for a SAR by provided?
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When requesting by law enforecement
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How long must covered financial institutions maintain CTRs (currency transaction report)
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5 yeras
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