AML/BSA QUIZ 2017

THE USA PATRIOT ACT DOES NOT REQUIRE WHICH OF THE FOLLOWING AS PART OF AN APPROPRIATE AML PROGRAM?

APPOINTMENT OF COMPLIANCE OFFICER

WRITTEN POLICIES AND PROCEDURES

INDEPENDENT REVIEW OF THE PROGRAM

MANDATORY

KNOW YOUR CUSTOMER (KYC) OBLIGATIONS INVOLVE WHICH OF THE FOLLOWING:

Appropriate customer identification and account monitoring

Appropriate customer identification, knowledge of the customer's personal and/or business profile (s) and account monitoring

Finding out their name and address

IF YOU HAVE A CUSTOMER ON THE PHONE AND YOU SUSPECT SUSPICIOUS ACTIVITY, YOU CAN ADVISE THE CUSTOMER DURING THE CALL THAT IT WILL BE REPORTED.

TRUE

FALSE

WHAT STATUTE IS AIMED AT THE PROVIDING STRONGER SURVEILLANCE POWERS, STRENGTHENING CRIMINIAL LAWS AGAINST TERRORISM AND COMBATING MONEY LAUNDERING?

OFAC SDN LIST

BANK SECRECY ACT

IDENTITY THEFT ACT

USA PATRIOT ACT

THE BANK SECRECY ACT REQUIRES FINANCIAL INSTITUTIONS TO:

AN EXAMPLE OF SMURFING IS:

A BROKER BUYING PESOS WITH U.S. DOLLARS

A DRUG DEALER ASKING A STRANGER TO BUY A MONEY ORDER WITH DRUG MONEY

WIRING MONEY TO A FOREIGN COUNRTY

NONE OF THE ABOVE

THE DRP DEPARTMENT RECEIVES A CHECK OR A WIRE TRANSFER OF $12,000 FROM A CUSTOMER TO INVEST IN THE DRIP PLAN OF WESTAR. SHOULD A CURRENCY TRANSACTION REPORT BE FILED WITH FinCEN AND WHY?

YES

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AML/BSA QUIZ 2017

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