American Bankers Association CRCM Exam - Topic 4 Question 63 Discussion

Question

Martha Whitmire, the BSA Compliance Officer for First National Bank, is responsible for monitoring the bank's daily currency activity and wire transfers, for compliance with information retention and reporting requirements. Ms. Whitmire notices during her review on March 10 that, during the previous two weeks, a transaction occurred on the same account several times during the week. The activity appeared at one branch office as cash deposits in dollar amounts under the reporting thresholds. Ms. Whitmire discusses this activity with the branch manager and determines that this same deposit activity occurred several times during the previous six weeks. She then conducts a more extensive examination of the account's activity for several months and discovers that cash deposits were made at one branch office and purchases of bank cashiers checks were made by withdrawals from the same account at a different branch office. All withdrawals and purchases of cashier's checks were for the identical amount as the cash deposits.Which statement best describes Ms. Whitmire's responsibility?

Viola · Accepted Answer

D) Report the account activity as suspicious account activity and recommend that a SAR be filed

Viola · Answer

A) Complete a CTR for each of the cash activities at the branch office

Viola · Answer

B) Make no report of the activities because the transactions were not discovered until after the 15-day reporting deadline

Viola · Answer

C) Report the account activity to senior management for further review