BSA

What was the USA Patriot Act designed for? (Select all that apply)

Verify the customer is a US Citizen

Prevent Money Laundering

Prevent Terrorist Financing

Prevent structuring to avoid CTRs

To understand why our members do what they do

Can a new member use a PO Box as their only address to open an account?

Yes

Only if it's a business

What is the purpose of Know Your Customer? (Select all that apply)

Beneficial Ownership

To understand the nature of customer/member relationships

To put the customer in the correct account

To understand who your customer is

What is Enhanced Due Diligence for?

Businesses only

After Beneficial Ownership

Better understanding high risk customers

Before filing a SAR

Where does the frontline provide input for a SAR?

Identifying the suspicious activity

Ensuring ongoing monitoring is completed when necessay

Determining what is and is not a reportable SAR

What list contains Specially Designated Nationals?

SAR list

High Risk list

OFAC

FBI most wanted list

What is required to use existing records for beneficial ownership?

Nothing if the records are current

Always require updated records

When opening a new account, is it ok to ask what type of activity a member plans to use the account for?

Yes it is expected

No because of privacy

Only for business accounts

Only for consumer accounts

If a member brings in an unusual large cash deposit, should the teller ask where the money came from?

Yes it is expected

No because of privacy

Only for business accounts

Only for consumer accounts

Are Photo copies of ID ok to use when opening a business account?

Yes

Does an individual that is not an owner, but has significant managing control of a business account require CIP?

Yes it is expected

No because they're not an owner

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