Which of the following customers may be exempted under Phase II of the Bank Secrecy Act?

Answer(s): C

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

Bank determines that one of its customers is the victim of identity theft
Bank 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)
Bank discovers that someone has hacked into its data system in order to obtain confidential customer data
Bank 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

Answer(s): D

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

Bank determines that one of its customers is the victim of identity theft
Bank 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)
Bank discovers that someone has hacked into its data system in order to obtain confidential customer data
Bank 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

Answer(s): D

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

Bank determines that one of its customers is the victim of identity theft
Submit a copy of the supporting documentation with the SAR
Bank 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)
Submit the SAR within 30 days of the initial detection of facts
Bank discovers that someone has hacked into its data system in order to obtain confidential customer data
Report the SAR information to the bank's board of directors
Bank 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
Maintain a copy of the SAR and supporting documentation for 5 years

Answer(s):

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