Which is the designation for temporary one-time inquiry lists?

Study for the Certified Bank Secrecy Act Professional Test. Use flashcards and multiple-choice questions with hints and explanations. Get exam ready!

Multiple Choice

Which is the designation for temporary one-time inquiry lists?

In the 314(a) information-sharing framework, the designation used for a temporary, one-time search of records is the Section 314(a) Subject List. This list names the individuals or entities that the inquiry is targeting, and banks run a one-time check of their customer records against it within a limited window. It’s intended for a focused, short-term look rather than ongoing monitoring. Other terms relate to different aspects of BSA procedures: a 12-month rule generally concerns timeframes for certain activities or retention, voluntary information sharing refers to non-mandatory sharing arrangements, and Safe Harbor describes protections when sharing information with authorities or other institutions.

In the 314(a) information-sharing framework, the designation used for a temporary, one-time search of records is the Section 314(a) Subject List. This list names the individuals or entities that the inquiry is targeting, and banks run a one-time check of their customer records against it within a limited window. It’s intended for a focused, short-term look rather than ongoing monitoring.

Other terms relate to different aspects of BSA procedures: a 12-month rule generally concerns timeframes for certain activities or retention, voluntary information sharing refers to non-mandatory sharing arrangements, and Safe Harbor describes protections when sharing information with authorities or other institutions.

More practice questions