CIP & CDD
What is required of Financial Institutions when using Know Your Customer?
Collect detailed information and access risk
In what year was the Patriot Act passed
2001
Name one reason an agent would commit fraud for someone they are representing?
1. Stealing Money
2. Changing Wills
3. Selling Assets
4. Hiding Financial Activity
When preparing to open a trust account, who do we email a copy of trust documents to in advance to review?
Josh or Eric
In what year did Covenant Estate Planning Services become Covenant Trust
1989
What is W9
Name the three money laundering activities?
What is Placement, Layering, and Integration
What are reasons to get a Power of Attorney?
1. Paying Bills
2. Help with Bank or Brokerage Accounts
3. Selling Property.
4. Making Decisions on Health Care
When a customer is requesting to open an account, what government agency lists are checked prior to account opening?
OFAC
What is the fund called that is meant to help residents when they outlive their resources?
What is Benevolent Care Fund
When is Know Your Customer used?
Opening Accounts, Reviewing Transactions, Account Maintenance.
Who are the Two employees that are the BSA/AML officers at Covenant Trust Company?
Josh and Sam
How many American citizens are the victim of POA fraud every year
1 out of 10
How often is the risk assessment reviewed
Annually
What standard does Covenant Trust act in when managing a client's portfolio
What is Fiduciary
Why is it important to collect meeting minutes from our business customers?
Verify who controls the entity
What is the dollar amount of cash transactions that have to be reported according to the bank secrecy act?
$10,000
What are some stop signs that someone may be a victim of Power of Attorney fraud?
Bank account's changed, out of pattern transactions, Agent restricts communication
When a request comes in via email, why is it important to confirm the email address before processing transaction?
Confirm account holder information
Currently how many Covenant Living locations are there?
22
What are the four pieces of information to collect from a customer when opening a new account?
Name, Address, Date of Birth, Current Valid Primary ID
What are the three components of the Bank Secrecy Act of 1970
1. Keep purchase records of negotiable instruments.
2. File reports of cash transactions over $10,000
3. Report Suspicious activity that may suggest: Money Laundering, tax evasion or other criminal activity
Who do you contact if worried about a customer being the victim?
Your administrator, Your Manager, Josh, Eric, or Steve
What verifications measures can be used when a customer calls in a request a transfer?
Last four digits of social and date of birth
What dollar amount does Covenant Trust Company currently have under our care and custody
Over 2.19 billion