CIP and OFAC Review
CIP and OFAC Compliance Quiz
Test your knowledge on the essential policies and regulations surrounding the Customer Identification Program (CIP) and Office of Foreign Assets Control (OFAC) compliance at Navy Federal. This quiz is designed to help you understand the critical aspects of financial regulations and how they apply to member interactions in a fun and engaging way.
- Evaluate your knowledge on BSA compliance.
- Learn about customer due diligence and identity verification.
- Understand the importance of KYC and related terms.
True or False: Navy Federal only scans the names of new members against the OFAC list once.
True
False
If and individual presents a type of govt-issued I.D. That you do not recognize, what should you do?
Use the I.D. Anyways and place notations
Contact SOC to see if the I.D. Is acceptable.
Refer to the current I.D. Checking guide at your branch office to see sample of the I.D. You are viewing.
Advise the individual that you are unable to process the transaction due to the unrecognized I.D. type.
True or False: Everyone, even the board of directors, is required to be trained on BSA compliance.
True
False
A member comes into the branch to purchase a cashier's check payable to AAH IMPORTS. ETS responds with a red stop sign. What should you do?
Inform your team leader
Contact BSA
Continue with transaction
Inform the Daily Prophet
None of the above
Choose all that apply. Failure to comply with specific provisions of the Bank Secrecy Act (BSA) can result in substantial civil and criminal penalties to:
Individual Employees
Navy Federal
Gringotts Goblins
When a financial institution verifies the identity of a customer before establishing a new account relationship, it is called what?
Enhanced Due Diligence
Customer Identification Program
Customer Due Diligence
Choose all that apply. Prior to opening an account, we are not required to ask for:
Name
Marital status
Date of Birth
Tax identification number
Wizarding Lineage
Choose all that apply. The following are examples of a few items of information Navy Federal collects as part of customer due diligence for entities.
Number of employees
Source of funds
Purpose for which the account is being opened
Govt-issued Business licence
Hogwarts House
Which of the following is part of KYC?
CDD
CIP
EDD
All of the above
KYC means:
Know Your Cat
Know Your Customer
CIP means:
Customer Identification Program
Customer Is Pawesome
CDD means:
Customer Due Diligence
Customer do dougie
EDD means:
Enhanced Due Diligence
Electronic Dance Music
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