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Compliance
Bank Regulations
16 cards·by alhalabi
tellers & bankers
What is BSA?
Bank Secrecy Act
What monetary forms does BSA cover?
MICL, CTR, IRF
What is MICL?
Monetary Instrument Check Log
What does MICL cover?
Cashier Checks, Money Orders, International Drafts, & Travelers Cheques
When is a MICL required?
cash purchase between $3,000 and $10,000
What is CTR?
Currency Transaction Report
What types of transactions are covered by the CTR?
Any cash in, out, or exchange of $10,000.01
What is IRF?
Investigative Referral Form
When are you required to fill out an IRF?
For any suspicious transaction regardless of the amount
What is Reg CC Hold?
It allows employees to place an extended hold on their deposits deferring availability for
upto 9 business days
List 3 examples requiring Reg CC Hold
Altered check, new account that
What is Reg E?
It's the regulation that protects customers' electronic transactions
What transactions are covered by Reg E?
ATM, Check Cards, Online, ACH, and Telephone transactions
What is AML?
Anti-Money Laundering
What is structuring?
It's the illegal activity of breaking a cash transaction into multiple transactions to avoid
government reportingsuch as CTR & MICL
What is Money Laundering?
It's the illegal activity of processing cash obtained from illegal activities through the
banking system