What is the purpose of the Bank Secrecy Act (BSA)?
The BSA requires banks to report suspicious activity and large transactions to help prevent money laundering and financial crimes.
Which form must banks file for cash transactions over $10,000?
Form 8300 must be filed to report any cash transaction exceeding $10,000 to the IRS as part of anti-money laundering efforts.
Why is the USA PATRIOT Act important in banking?
It enhances the bank's ability to verify customer identities and prevent terrorist financing by enforcing stricter compliance policies.
What is the main goal of the Equal Credit Opportunity Act (ECOA)?
The ECOA prohibits lenders from discriminating against applicants based on race, gender, age, or other protected characteristics.
What should a teller do if they notice a suspicious transaction pattern?
Tellers are responsible for reporting unusual activities to the bank's compliance officer to comply with regulatory requirements.
How does the FDIC protect bank customers?
The FDIC insures deposits up to the legal limit, providing security and public confidence in the banking system.