BSA Branch Audit Quiz

Print Name: ______

1. Alvy Singer walks in and deposits $4,995 in cash into his share savings account and $5,000 in cash intohis share checking account at the same time on the same day. Does this trigger the need to file aCurrency Transaction Report (CTR)? Yes_____ No X What “might” Mr. Singer’s activity suggest? Structuring

2. Tony Lacey deposits $12,500.15 in cash into a deposit account, what dollar amount should be listed onCTR?

____ a. $12,500.15

____ b. $12,500

_X__c. $12,501

3. A CTR must be completed and submitted electronically to the FinancialCrimes Enforcement Network (FinCEN) for each deposit, withdrawal and exchange of currency thatinvolves a transaction of currency of more than $10,000

4. You’ve just discovered that your credit union has filed several Suspicious Activity Reports (SARs) onAnnie, your neighbor down the street. Annie works with your husband. Which of the following arepermissible?

____ a. I tell my husband so he can let Annie know about the reports.

____ b. I could tell my husband since all communications between a husband and wife are protected, but I also let him

Know he can’t say anything to Annie about the reports.

____ c. I tell my husband to advise Annie to be careful.

____ d. I don’t say anything to anyone about what I’ve just discovered.

5. Mrs. Sanborn requests a cashier’s check made out to her for $10,100 with funds from her share savingsaccount. Do you file CTR? Yes_____ No______Why or why not? Not a cash transaction

6. Which of the following are examples of potentially suspicious activities that should raise red flags,invite possible further investigation and a determination as to whether a SAR should be filed?

____ a. Matt Thompson engages in unusual activity in cash purchases of cashier’s checks and gift cards.

____ b. Connie James intentionally withholds part of her cash deposit or withdrawal to keepher transaction under the

reporting threshold.

____ c. John Cambridge makes frequent exchanges of small dollar denominations for large dollar denominations.

____ d. Owen Eldridge, who is a business owner with only one location makes several deposits on the same day using

different credit union branches.

____ e. All of the above

7. In accordance with PMCU procedures, a CTR needs to be completed and sent to Audit and Compliance______from the date of the transaction.

____ a. Within 48 hours

____ b. By the 5th calendar day (or preferably the next business day)

____ c. By the 10th calendar day

____ d. By the 15th calendar day

____ e. By the 30th calendar day

8. A credit union must maintain Monetary Instrument Logs for each cashier’s check and/or gift card it sellsor issues to any individual that is purchased with cash in the amount of $______

_____a. $5000 or more

_____b. $3500 or more

_____c. $3000 or more

_____d. Any amount

9. Is it acceptable to use the terms “retired” or “unemployed” to identify the occupation or profession foran individual in completing the Currency Transaction Report (CTR)? Yes_____ No_____

10. Ardelia Mapp deposits $1,000 in cash at 10:00am anddeposits$850.00 in cash at 2:30pm into heraccount on Monday. On Wednesday she deposits $1,500 in cash at the ATM. On Friday, shedeposits $500. What could this be an example of?

_____a. Structuring

_____b. Smurfing

_____c. Kiting

_____d. a and b

11. Jack Crawford comes into the credit union on Tuesday and cashes a check for $5,000. He then returnson Wednesday and cashes another check for $7,000. You will need to file a Currency TransactionReport (CTR) for this member. True____ False____

12. Florine Worthine comes into the credit union and deposits $8,000 cash. She comes back later in the day and withdraws $9,000 cash. Is a Currency Transaction Report (CTR) required in this case? Yes_____ No______

13. Hoke Colbern deposits $14,000 in cash into his account. He then writes a check for $9,000 to purchase a cashier’s check. What would you report on the Currency Transaction Report (CTR)?

_____a. $23,000

_____b. $14,000

_____c. $9,000

_____d. None of the above

14. Delilah Fitzgerald, a longtime member of PMCU withdraws $15,000 in cash fromher share savings account. You prepare the Currency Transaction Report (CTR) for the transaction.Since you know Delilah, is it permissible for you to fill in “signature card on file” as the method used toverify her identity for the CTR form? Yes____No_____

15. Mr. Beauchamp has a $15,000 share certificate that has just matured. He requested the $15,000in the form of a cashier’s check. Is a Currency Transaction Report (CTR) required in this case?Yes_____ No_____

16. Which of the following examples would be acceptable to use to answer the occupation or type of business question

on the Currency Transaction Report (CTR)?

______a. Engineer

______b. Doctor

______c. Self-employed

______d. Lawyer

______e. All of the above

______e. a, b, and d

17. Jack Favell deposits $7,000 in cash into his share checking account. He withdraws $4,000 in cash fromhis share savings account. He also gives you $5,000 in cash to purchase gift cards. What’s the CTR dollar amount?

____ a. $16,000

____ b. $12,000

____ c. $11,000

18. Ms. Lacy comes into the credit union and deposits $8,000 in cash to her share savings account.She returns later in the day and withdraws $2,500 in cash from her share checking account. Will youneed to file a CTR? Yes____No______

19. Mrs. Van Hopper comes into the credit union and deposits $3,500 in cash into her share savings account on Tuesday morning. Several hours later she deposits $5,300 in cash into her share savings account andanother $2,300 in cash into her share checking account. Does a Currency Transaction Form (CTR) need to be filed? Yes ____ No ____

20. Dr. Baker wants to withdraw a large amount of cash from his account. He says he knows there’s a reporting threshold but can’t remember the amount. You tell him if hewithdraws more than $10,000 in cash you need to prepare a CTR. Dr. Baker says he wants to avoid that, so heonly withdraws $9,800 in cash. While reviewing his account you notice that earlier in the day Dr. Baker withdrew $300 in cash from the ATM. What should you do?

____a. File a CTR

____b. File a SAR

____c. File a CTR and SAR

____d. None of the above