BSA Activity Quiz
1) The purpose of anti-money laundering laws and regulations is to lessen the
opportunity for criminals and terrorists to access the financial system, and aiding
law enforcement authorities in establishing a paper trail of illicit activity.
A) True
B) False
Your Answer:
2) Western Union and its Agents must file a CTR within how many days of a
transaction or series of transactions that totals more than $10,000 by or on behalf of
the same person on the same business day.
A) Within 10 days
B) Within 15 days
C) Within 30 days
D) Within one year
Your Answer:
3) A consumer wants to send $3,500 to an associate in another city. When you ask
for identification the customer asks why he has to give identification. After you
explain the BSA requirements, he changes the amount to $2,500. He returns the
following morning to send the remaining $1,000. Which of the following actions
should be taken?
A) You should file a Currency Transaction Report (CTR).
B) You should notify your Compliance Officer.
C) You should file a SAR.
D) You should take no action.
Your Answer:
4) A consumer sends $5,200 in the morning to a client in New York. Later that day,
the consumer returns and sends $5,600 to a different client in Los Angeles. Which of
the following actions should be taken?
A) A CTR must be filed within 30 days.
B) A CTR must be filed within 15 days.
C) A CTR does not need to be filed because each transaction was under $10,000.
D) A CTR does not need to be filed because each transaction went to different locations.
Your Answer:
5) In the example above, a consumer sends $5,200 in the morning to a client in New
York and later that day sends $5,600 to a different client in Los Angeles. How long
must the transaction records be kept?
A) The Agent must keep a record of the transactions until it is sent to the IRS.
B) The Agent must keep a record of the transactions for 30 days.
C) The Agent must keep a record of the transactions for two years.
D) The Agent must keep a record of the transactions for five years.
Your Answer:
6) The Bank Secrecy Act’s recordkeeping requirements for money transfers include
obtaining information about consumers sending or receiving which of the following
amounts?
A) $500 to $1,000
B) $1,000 to $1,500
C) $2,000 to $3,000
D) $3,000 or more
E) $5,000 or more
Your Answer:
7) The recordkeeping requirements for money orders include obtaining and
recording information about which of the following amount?
A) $500 to $1,000
B) $1,000 to $2,000
C) $3,000 to $5,000
D) $3,000 to $10,000
Your Answer:
8) If a transaction meets the reporting requirements of a Currency Transaction
Report (CTR), it must be filed within how many days?
A) 10 days
B) 15 days
C) 30 days
D) 60 days
Your Answer:
9) A copy of each Currency Transaction Report (CTR) must be kept for how many
years from the date filed?
A) Six months
B) One year
C) Two years
D) Five years
E) Ten years
Your Answer:
10) Based on the definition, can you identify suspicious activity in the following
examples? After you read each statement, circle the correct answers.
A) A consumer uses a false ID, or multiple IDs on different occasions that have
conflicting name, address, or identification number.
B) Two or more consumers use the same IDs.
C) Two or more consumers use IDs with same name and address, but different photos.
D) Two or more consumers want to send separate $200 payments to the same utility
company.
Your Answer:
11) The BSA requires Western Union and its Agents to report suspicious activity
involving any transaction or pattern of transactions that amount to which of the
following?
A) $500 or more
B) $1,000 or more
C) $1,500 or more
D) $2,000 or more
E) $5,000 or more
Your Answer:
12) How many days do you have to file a SAR after detecting any suspicious
transaction?
A) 15 days
B) 30 days
C) 45 days
D) 60 days
Your Answer:
13) Which of the following statements best describes structuring?
A) Designing a transaction in an attempt to wire money more quickly.
B) Designing a transaction in an effort to avoid paying bills through the mail.
C) Designing a transaction in an attempt to evade user and access fees.
D) Designing a transaction in an attempt to evade triggering a BSA reporting or
recordkeeping requirement.
Your Answer:
14) If you suspect that a transaction involves illegal activity, what should you do?
A) File a Suspicious Activity Report (SAR).
B) Ask for additional ID.
C) Ask the consumer if they are involved with criminal activity.
D) Do nothing, as it doesn’t concern you.
Your Answer:
Name:
Date:
Store:
When the quiz is completed:
1. Click File.
2. Click Save As.
3. Type your First and Last Name.
4. Click Save.
5. Click File.
6. Click Send To
7. Click Mail Recipient (as Attachment)
8. E-Mail to [email protected]
9. Click Send.
10. Open Outlook.
11. Click Send/Receive. Watch for the green number to disappear from the Outbox.