Exam (elaborations)
BSA 5 CTRs Communicating with Customers Questions and Answers 2024 Correct
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BSA 5 CTRs Communicating with Customers
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BSA 5 CTRs Communicating withCustomers
d.
A is incorrect because ''it's our policy'' does not explain the need to file the CTR and the
teller should not be insinuating that the transaction may be illegal. B is incorrect
because all cash transactions made by or on behalf of the same person in one business
day must be aggregated and a CTR filed. C is incorrect because the teller should not
state that transactions are reported to law enforcement. - answer1. Warren Jacobs is
making two deposits: one for $7,000 cash to his savings account and another for $4,000
in cash to his checking account. Kara, his teller, explains that because the transactions
exceed $10,000, she will need to complete a Currency Transaction Report (CTR), which
requires additional information from Warren. Warren is questioning the need to
complete the form since each deposit is less than $10,000. What is the best response
Kara could give to Warren?
A. It's our policy, Mr. Jacobs. We need to file the CTR when a transaction totals more
than $10,000 in cash to make sure it's not illegal. Your transaction is more than
$10,000, so we need your information
B. Yes, you are right, Mr. Jacobs. If I separate the deposits, each transaction does not
exceed $10,000, so we won't have to complete the report
C. Mr. Jacobs, the CTR is required because the total of your transactions is more than
$10,000 in cash. We need to fill it out so my manager can report the transaction by the
end of the day. This way we can track it and send it to law enforcement officials
D. Mr. Jacobs, multiple currency transactions totaling more than $10,000 during any
one business day are treated as a single transaction if the bank has knowledge that
they are by or on behalf of the same person. Together your transactions total $11,000,
so a report is required
ID:04FD0D2FA1604B67891DA58E83E759A1
c.
A, B, and D are incorrect because most CTRs are filed for legitimate banking activity. -
answer2. Why do bank employees need to be able to explain the need for Currency
Transaction Report (CTR) filing?
A. Because anyone depositing large sums of cash is probably a criminal so law
enforcement must be notified
B. Because most customers lie so the more you ask the more likely it is that the bank
will uncover the truth
C. To fulfill the bank's BSA obligations while providing good customer service
D. To spot and report suspicious activity.
ID:7AC23A9DFA4C4D09A7410873090BD286
, c.
A, B, and D are incorrect because they do not describe the purpose of the CTR. -
answer3. Your customers understand that banking practices are regulated by law, but
they may need you to explain the purpose of the Currency Transaction Report (CTR).
What would be your response to your customers?
A. Identifies suspicious activity on the report
B. Classifies illegal transactions and activities
C. Ensures that the bank is being used for legitimate purposes
D. Shares illegal activities among law enforcement agencies
ID:006E15B846954F5E8104469E38006674
c.
A is incorrect because you cannot tell a customer that a SAR will be filed. B is incorrect
because the bank cannot refuse to give the money back. D is incorrect because
although this may ultimately be required, it could be that the customer simply does not
realize that his actions are a violation of law. - answer4. Mr. Harper comes to your teller
window to deposit $12,500 cash into his checking account. When you explain that a
Currency Transaction Report (CTR) is required, he asks to take back $3,000 so the
deposit is just under the reporting threshold. Which option represents the best way to
respond to Mr. Harper's actions?
A. Explain that what he has done is highly suspicious and will need to be reported to
law enforcement
B. Refuse to give him the money back and tell him, ''Once you give it to us, it's ours and
you can't take it back.''
C. If your bank allows you to do so, provide the FinCEN brochure that more fully
explains the CTR requirements or advise Mr. Harper that it is against the law to
intentionally act in a manner to avoid the filing of a CTR
D. Give him the money back, say nothing and immediately file a Suspicious Activity
Report (SAR) for structuring
ID:AEF63D1B2A7348B288BED498FEE2031A
d.
A, B, and C are incorrect because they are insufficient responses. Completing a CTR or
asking for information due to a deposit, withdrawal, currency exchange, transfer, or loan
payment involving more than $10,000 in currency should be explained to the customers
consistent with the bank's policy in this area. - answer5. Elsa Dudich comes into your
branch with $10,100 in currency that she recently won gambling. She deposits $1,000
into her checking account and $9,100 into her money market savings account. Jason,
the new teller completing the transactions, begins to complete a Currency Transaction
Report (CTR). Ms. Dudich becomes concerned and asks Jason to explain what he is
doing. How should Jason respond to Ms. Dudich?
A. That's a good question. Let me get my supervisor
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