Acronyms
BSA is the acronym for this
what is the Bank Secrecy Act
When Suspicious Activity is noticed, we have this amount of time to File and SAR
What is 30 days
This is how we know our member through a process of collecting two forms of identification and inquiring how accounts will be used during the account opening process
What is Customer Identification Program or CIP
Our BSA officer
Who is Christina
SAR stands for this type of report
What is a Suspicious Activity Report
Depositing Funds in a Manner that would Purposefully avoid SAR suspicions is known as this.
What is Structuring
a person that owns 25% or more equity interest in the legal entity and/or has control of decision making in the legal entity is known as this.
What is a Beneficial Owner
the BSA record retention period
What is 5 years
CTR is this report, filed for transactions of more than 10,000 dollars
What is a Currency Transactions Report
Moving funds around the financial system which includes a complex series of transactions to create confusion and complicate the paper trail is an Example of this
What is Layering
We are NOT able to open business accounts for Businesses such as these
What are Gambling and Marijuana
allows an authorized person to act on behalf of another person in order to assist that person in handling his or her business and/or personal affairs
What are Power of Attorney Documents
FINCEN is the acronym for this governing body where CTR's and SARs are submitted
What is the Financial Crimes Enforcement Network
when illegal funds are introduced into the financial system without attracting attention, it is known as this.
What is Placement
if a member's identification has an incorrect address, we must use this to verify the mailing address
What is Legitimate Mail
a check with a blank payee and MUST BE FOR $1000 OR LESS
What is a Money Order
OFAC is the acronym for this organization that enforces economic and trade sanctions against targeted foreign countries
Office of Foreign Assets Control
Once the funds are in the financial system, criminals use this step, that creates the appearance of legality through additional transactions such as the purchase and resale of real estate, investment securities, or other assets.
What is Integration
we must collect Beneficial Ownership information and fill out the related form when opening business accounts that are NOT these type of businesses
what are sole proprietorships, partnerships or organizations
the time period during which CTRs must be filed after transactions
What is 15 days