BSA 11 SAR Filing
a. B, C, and D are incorrect because the narrative describes the activity that occurred.
1. Betty is completing a Suspicious Activity Report (SAR) that must be filed tomorrow. She is working on the part of the SAR that explains the ''who, what, when, where, and why'' of the suspicious activity. What is this section of the SAR called? A. Narrative B. Supplement C. Appendix D. Storyline ID:9DBADE9EEB2C4BD4AE21EE126C41F715
a. B is incorrect because a SAR can be filed for any suspicious transaction, not just those involving cash. C is incorrect because completing the SAR should not be based on whether a bank employee has met the customer. D is incorrect because transacting on a different account than normal should not prompt someone to complete a SAR.
1. John is a teller for Hometown Bank. In what situation should John consider completing a Suspicious Activity Report (SAR)? A. The amount of a cash transaction is reduced by the customer to avoid completing the Currency Transaction Report (CTR) B. The amount in question totals at least $10,000 in cash C. The customer is unknown to the bank D. The customer does not usually transact on a business account ID:8A4731194E604EA498B8B8D39413F5F7
c. A, B, and D are incorrect because, when an insider is involved, a SAR must be filed regardless of the amount.
1. Sharon is an executive vice president with Your Community Bank and received consulting fees from the bank for services provided. In this scenario, when must a Suspicious Activity Report (SAR) be filed? A. When there is suspected insider abuse involving $1,000 or more B. When there is suspected insider abuse involving $5,000 or more C. When there is suspected insider abuse, regardless of the amount involved D. When there is suspected insider abuse involving $10,000 or more ID:829E6DA8E48241A194A570F1F94CDEEB
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.
1. Which 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 about which the law enforcement entity is seeking information? A. Structured transaction reports B. Grand jury subpoenas C. 314(a) requests D. National Security Letters ID:00F596519D154FAA8780AF2CA3BF1704
b. A, C, and D are incorrect because once an activity has been determined to be suspicious SAR regulations require the bank to file a SAR within 30 days. However, if no suspect has been identified, the window for filing a SAR expands to 60 days.
10. According to Suspicious Activity Report (SAR) regulations, once an activity has been determined to be suspicious and a suspect has been identified, when must banks file a SAR? A. Within 14 days B. Within 30 days C. Within 60 days D. Within 90 days ID:21AA381B839C464FB3003EEF0BC35936
d. A is incorrect because a SAR can be filed for any suspicious transaction, not just those involving cash. B is incorrect because completing the SAR should not be based on whether a bank employee has met the customer. C is incorrect because transacting on a different account than normal should not prompt someone to complete a SAR.
10. In what situation should a banker consider completing a Suspicious Activity Report (SAR)? A. The amount in question totals at least $10,000 in cash B. The customer is unknown to the bank C. The customer does not usually transact on a business account D. The amount of a cash transaction is reduced by the customer to avoid completing the Currency Transaction Report (CTR) ID:BF31BB63C5694DABA927212F55DE11D6
c. A is incorrect because it would be suspicious if the deposits were for individuals NOT on the account. B is incorrect because it would be suspicious if the deposits or withdrawals are primarily in cash rather than checks. D is incorrect because it would be suspicious if the activity was NOT consistent with their business.
10. What is one example of suspicious activity that may come to the attention of a teller or Customer Service Representative (CSR)? A. Accounts receiving multiple ACH payroll deposits for individuals on the account B. Corporate accounts where deposits or withdrawals are primarily in checks rather than cash C. Single-location businesses that make deposits at several branches of your bank D. Customers whose activity is consistent with their business ID:7AAD15F64B394EFF974C1F4D2D8D6617
d. A, B, and C are incorrect because the narrative describes the activity that occurred.
2. What part of the Suspicious Activity Report (SAR) tells the story so that law enforcement can understand what led the bank to believe the activity was suspicious? A. Supplement B. Appendix C. Storyline D. Narrative ID:4498BB6AED634CDB8393C94D3A2E5987
d. A is incorrect because the Bank Secrecy Act (BSA) does not require the completion of SARs based on physical appearance. B is incorrect because the $5,000 threshold dollar amount for completion of a SAR applies when the subject CAN be identified. C is incorrect because the BSA prohibits sharing any information with a customer that would tell him or her that a SAR is being completed on a transaction.
2. When should a bank file a Suspicious Activity Report (SAR)? A. When the financial institution thinks a customer looks unusual B. When the financial institution suspects violations of law totaling $5,000 or more where a subject cannot be identified C. Only after the bank has informed the customer that the transactions are suspicious and that a SAR will be filed D. For transactions conducted or attempted which total $5,000 or more that involve potential money laundering or violations of the BSA ID:B51C475222A441E7B0D4DD3A96669D9B
c. A is incorrect because a SAR can be filed for any suspicious transaction, not just those involving cash. B is incorrect because completing the SAR should not be based on whether a bank employee has met the customer. D is incorrect because transacting on a different account than normal should not prompt someone to complete a SAR.
3. Bankers must complete Suspicious Activity Reports (SAR) in certain situations. What is one situation in which a banker should consider completing a SAR? A. The amount in question totals at least $10,000 in cash B. The customer is unknown to the bank C. The amount of a cash transaction is reduced by the customer to avoid completing the Currency Transaction Report (CTR) D. The customer does not usually transact on a business account ID:F217614EB5C04062A7B0E5188A93D5EC
b. A, C, and D are incorrect because, when an insider is involved, a SAR must be filed regardless of the amount.
3. For Suspicious Activity Report (SAR) purposes, insiders can be directors, officers, employees, agents or other individuals affiliated with the bank who may have committed or aided in the commission of a criminal act. If an insider is involved, when must a SAR be filed? A. When there is suspected insider abuse involving $1,000 or more B. When there is suspected insider abuse, regardless of the amount involved C. When there is suspected insider abuse involving $5,000 or more D. When there is suspected insider abuse involving $10,000 or more ID:A86A730B5D7847B9B3AFEF3873B43817
c. A, B, and D are incorrect because once an activity has been determined to be suspicious SAR regulations require the bank to file a SAR within 30 days. However, if no suspect has been identified, the window for filing a SAR expands to 60 days.
4. Once an activity has been determined to be suspicious, but a suspect has not been identified, when must banks file a Suspicious Activity Report (SAR)? A. Within 14 days B. Within 30 days C. Within 60 days D. Within 90 days ID:506B5E7677154F8FBC3BD209E103D99B
a. B, C, and D are incorrect because transaction monitoring and surveillance monitoring are two processes banks can use to help identify suspicious activity.
4. Which option lists the names of the two processes that help banks identify suspicious activity? A. Transaction monitoring and surveillance monitoring B. Cash monitoring and deposit monitoring C. Lender monitoring and Teller monitoring D. Transaction monitoring and loan monitoring ID:37DF9BF204D443F689F334FDE13B3297
d. A, B, and C are incorrect because, when an insider is involved, a SAR must be filed regardless of the amount.
5. If an insider is involved, when must a Suspicious Activity Report (SAR) be filed? A. When there is suspected insider abuse involving $1,000 or more B. When there is suspected insider abuse involving $5,000 or more C. When there is suspected insider abuse involving $10,000 or more D. When there is suspected insider abuse, regardless of the amount involved ID:2F4F1BCBA81B4B61A77F4A6FDC58BE30
b. A, C, and D are incorrect because the narrative describes the activity that occurred.
5. What part of the Suspicious Activity Report (SAR) describes the suspicious activity that occurred using the ''who, what, when, where, and why'' process? A. Supplement B. Narrative C. Appendix D. Storyline ID:D5BD8B6CD30E4363ADC9495DB030A34C
a. B, C, and D are incorrect because the five key components of an effective SAR monitoring and reporting system are identification, managing alerts, decision making, completion and filing and continuing monitoring/SAR filing on continuing activity.
5. Which option lists the five key components of an effective Suspicious Activity Report (SAR) monitoring and reporting system? A. Identifying suspicious activity, managing alerts, decision making, completion and filing, continuing monitoring/SAR filing B. Identifying suspicious activity, communication, reporting, completion and filing, reporting SAR filing C. Identifying suspicious activity, managing alerts, decision making, reporting, closure filing with the government D. Identifying suspicious activity, communication, decision making, completion and filing, closure on SAR/filing continuing activity ID:ECCFB57C17C14463A9C69CFBB40D4AD4
a. B, C, and D are incorrect because information about a SAR or SAR filing cannot be shared with any person involved in the transaction.
5. Your bank has filed a Suspicious Activity Report (SAR) for a suspicious transaction. What is one example of a party or entity with whom bank employees may share information about the SAR filing? A. FinCEN or any federal, state, or local law enforcement B. Any executive officer of the company involved in the transaction C. Attorneys for the company involved in the transaction D. The owner of the company involved in the transaction ID:8BCE09ADF3F548C3B64D08232EB5EF96
c. A, B, and D are incorrect because transaction monitoring and surveillance monitoring are two processes banks can use to help identify suspicious activity.
6. Banks use two processes to identify suspicious activity. One process is transaction monitoring. What is the other process? A. Cash deposit monitoring B. Non-transaction monitoring C. Surveillance monitoring D. Employee monitoring ID:3C814FDDFA384739B596E0F4A863D0EB
b. A, C, and D are incorrect because the five key components of an effective SAR monitoring and reporting system are identification, managing alerts, decision making, completion and filing, and continuing monitoring/SAR filing on continuing activity.
6. There are five key components of an effective Suspicious Activity Report (SAR) monitoring and reporting system. Which option lists these five key components? A. Identifying suspicious activity, communication, decision making, completion and filing, closure on SAR/filing continuing activity B. Identifying suspicious activity, managing alerts, decision making, completion and filing, continuing monitoring/SAR filing C. Identifying suspicious activity, communication, reporting, completion and filing, reporting SAR filing D. Identifying suspicious activity, managing alerts, decision making, reporting, closure filing with the government ID:2E860BB7245448A08EF59E1BC000D5A5
b. A, C, and D are incorrect because information about a SAR or SAR filing cannot be shared with any person involved in the transaction.
6. What is one example of a party or entity with whom bank employees may share information about a Suspicious Activity Report (SAR) filing? A. Any executive officer of the company involved in the transaction B. Any federal or state regulatory authority that examines the bank for compliance with the Bank Secrecy Act (BSA) C. Attorneys for the company involved in the transaction D. The owner of the company involved in the transaction ID:7FBF0B52586747D1B4BF90453D35103A
a. B, C, and D are incorrect because once an activity has been determined to be suspicious SAR regulations require the bank to file a SAR within 30 days. However, if no suspect has been identified, the window for filing a SAR expands to 60 days.
6. Your bank has determined that a regular customer's banking activity is suspicious. When must your bank file a Suspicious Activity Report (SAR)? A. Within 30 days B. Within 45 days C. Within 60 days D. Within 90 days ID:D8473892925E4928BFA93628F5F54259
d. A, B, and C are incorrect because the five key components of an effective SAR monitoring and reporting system are identification, managing alerts, decision making, completion and filing, and continuing monitoring/SAR filing on continuing activity.
7. To comply with Bank Secrecy Act (BSA), Banks should implement an effective Suspicious Activity Report (SAR) monitoring and reporting system. Which option lists the five key components of an effective SAR monitoring and reporting system? A. Identifying suspicious activity, communication, reporting, completion and filing, reporting SAR filing B. Identifying suspicious activity, managing alerts, decision making, reporting, closure filing with the government C. Identifying suspicious activity, communication, decision making, completion and filing, closure on SAR/filing continuing activity D. Identifying suspicious activity, managing alerts, decision making, completion and filing, continuing monitoring/SAR filing ID:37DE3D4BD8A5423CBF886B99972D9F42
a. B is incorrect because it describes transaction monitoring. C is incorrect because it describes managing alerts. D is incorrect because it describes decision making.
7. Which option best describes surveillance monitoring? A. It is an automated type of transaction monitoring which may combine multiple types of transactions and is likely to use various rules to identify individual transactions, patterns of activity, or deviations from expected activity B. It is a process used by banks for reviewing types of transactions for potentially suspicious activities C. It is a method for managing alerts so they do not become overwhelming D. It is the process of making the final decision whether to report a transaction or activity by filing a Suspicious Activity Report (SAR) ID:A802CBC3CC6A49B98E74D3D79F94DEFC
a. B is incorrect because the BSA does not require the completion of SARs based on physical appearance. C is incorrect because the $5,000 threshold dollar amount for completion of a SAR applies when the subject CAN be identified. D is incorrect because the BSA prohibits sharing any information with a customer that would tell him or her that a SAR is being completed on a transaction.
8. A bank is required by federal regulations to file a completed Suspicious Activity Report (SAR) under certain circumstances. Under what scenario would a bank file a SAR? A. For transactions conducted or attempted which total $5,000 or more that involve potential money laundering or violations of the Bank Secrecy Act (BSA) B. When the financial institution thinks a customer looks unusual C. When the financial institution suspects violations of law totaling $5,000 or more where a subject cannot be identified D. Only after the bank has informed the customer that the transactions are suspicious and that a SAR will be filed ID:B5867274D8B14FEE984372A1B5D7230D
c. A is incorrect because the BSA does not require the completion of SARs based on physical appearance. B is incorrect because the $5,000 threshold dollar amount for completion of a SAR applies when the subject CAN be identified. D is incorrect because the BSA prohibits sharing any information with a customer that would tell him or her that a SAR is being completed on a transaction.
8. In which scenario should a bank file a Suspicious Activity Report (SAR)? A. When the financial institution thinks a customer looks unusual B. When the financial institution suspects violations of law totaling $5,000 or more where a subject cannot be identified C. For transactions conducted or attempted which total $5,000 or more that involve potential money laundering or violations of the Bank Secrecy Act (BSA) D. Only after the bank has informed the customer that the transactions are suspicious and that a SAR will be filed ID:09504C3A260E432E9FD7207D92180004
b. A is incorrect because it would be suspicious if the deposits were for individuals NOT on the account. C is incorrect because it would be suspicious if the deposits or withdrawals are primarily in cash rather than checks. D is incorrect because it would be suspicious if the activity was NOT consistent with their business.
8. Suspicious activity will appear differently based on what role you have at the bank and how you interact with customers. What is one example of suspicious activity that may come to the attention of a teller or Customer Service Representative (CSR)? A. Accounts receiving multiple ACH payroll deposits for individuals on the account B. Small businesses that frequently make cash deposits consisting of $50 bills and/or $100 bills C. Corporate accounts where deposits or withdrawals are primarily in checks rather than cash D. Customers whose activity is consistent with their business ID:0DD1FD3A8F964CAFAEB5B3F014CF2155
d. A, B, and C are incorrect because National Security Letters are written investigative demands that may be issued by local FBI and other federal governmental authorities in counterintelligence and counterterrorism investigations to obtain records from financial institutions.
8. What is the name used to describe written investigative demands that may be issued by local FBI and other federal governmental authorities in counterintelligence and counterterrorism investigations to obtain records from financial institutions? A. Structured transaction reports B. Grand jury subpoenas C. 314(a) requests D. National Security Letters ID:9CB8699CE4834F6D95F186AA24DFCA50
a. B is incorrect because it would be suspicious if the deposits were for individuals NOT on the account. C is incorrect because it would be suspicious if the deposits or withdrawals are primarily in cash rather than checks. D is incorrect because it would be suspicious if the activity was NOT consistent with their business.
9. Employee identification includes suspicious activities which are identified by employees during day-to-day operations. What is one example of suspicious activity that may come to the attention of a teller or Customer Service Representative (CSR)? A. Deposits of sequentially numbered cashier's checks or money orders B. Accounts receiving multiple ACH payroll deposits for individuals on the account C. Corporate accounts where deposits or withdrawals are primarily in checks rather than cash D. Customers whose activity is consistent with their business ID:5D27A8AC28434669BDBE7A14CB08D4FC
a. B, C, 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.
9. Law enforcement requests are one way banks may be alerted to potential suspicious activity. Which 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. 314(a) requests B. Structured transaction reports C. Grand jury subpoenas D. National Security Letters ID:A8EEF5F99BB64CB8B10C86EA74C2ACDB
d. A, B, and C are incorrect because information about a SAR or SAR filing cannot be shared with any person involved in the transaction.
9. There are times when a Suspicious Activity Report (SAR) can be shared, but only in limited circumstances. What is one example of a party or entity with whom bank employees may share information about a SAR filing? A. Any executive officer of the company involved in the transaction B. Attorneys for the company involved in the transaction C. The owner of the company involved in the transaction D. The bank's board of directors ID:A65E68B1100749F8860B0D167D1DACCC
