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In which of the following circumstances is it LEAST appropriate for a bank to file a SAR regarding Internet activity?

ABank determines that one of its customers is the victim of identity theft

BBank becomes aware of identity theft of its domain name (i.e., another entity selects a name similar to the bank's in order to confuse customers and obtain confidential financial information)

CBank discovers that someone has hacked into its data system in order to obtain confidential customer data

DBank determines through its transaction-monitoring program that a customer is making electronic transfers between his own checking and savings accounts that are just below the $10,000 reporting level

Correct Answer: 1

AGovernment agencies

BCorrespondent banks

CPayroll customers

DBusinesses whose stocks are traded on a national stock exchange

Correct Answer: 2

Which of the following is NOT considered an acceptable form of identification for an individual when completing a CTR?

AU.S. passport

BLong-term deposit account relationship

CState-issued photo identification (e.g., driver's license)

DPhoto identification card issued by a local government agency

Correct Answer: 3

An individual comes into the bank and makes a $6,000 cash deposit into a checking account. At the same time, the individual buys a $7,000 cashier's check with cash. According to the Bank Secrecy Act, what is the bank is required to do?

AFile a SAR for $13,000

BFile a CTR for the $6,000 cash deposit

CAggregate the transactions and retain information about the purchase of the cashier's check

DObtain the recordkeeping information for the purchase of the cashier's check and complete a CTR for the total cash-in transaction of $13,000

Correct Answer: 4

In April Lillian Redmond, the teller supervisor for First National Bank, discovers five counterfeit $20 bills in several teller drawers. In May and in June she discovers two additional counterfeit $20 bills. She has no knowledge of criminal activity on the part of any of the bank's employees or customers. She does not suspect any particular person in this transaction. Which of the following statements is true?

AMs. Redmond must report the counterfeit funds on a SAR and must name the most likely individual(s) on the report.

BMs. Redmond must report the counterfeit funds on a SAR but is not required to name any individual(s) on the report.

CMs. Redmond need not file a SAR on this incident because the total amount is less than $25,000.

DMs. Redmond need not report this incident on a SAR because each incident is less than $5,000.

Correct Answer: 5

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