Foreign Accounts
This U.S. government department maintains lists of sanctioned entities, which banks must screen against
What is the Office of Foreign Assets Control (OFAC)?
Not all stocks traded at a low price are this type, but they are commonly traded OTC
What are Penny Stocks?
These are the three stages of Money Laundering
What is Placement, Layering & Integration?
This type of scam involves sending deceptive emails or text messages that appear to be from a legitimate source, attempting to steal personal information.
What is Phishing?
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Baird will only open accounts for eligible U.S. citizens living in foreign countries, account openings are subject to AML Compliance approval, and which other group?
Who are eligible foreign citizens living in the U.S.?
This federal agency is responsible for overseeing securities markets, including aspects of OTC trading and compliance, within the United States
What is the Securities and Exchange Commission (SEC)?
They must comply with OFAC Sanctions
Who are All U.S. Persons, including citizens and residents and entities?
This is the term for a scam where someone uses another person's stolen information for financial gain
What is Identity Theft?
This is the name of the organization that formed an all-female rock band, led by Michelle & Latasha
What is Ladies Rock?
Name 2 documents required to open a foreign account for US citizens living abroad or foreign nationals residing in the US
What is a completed W-9 or W-8, a copy of the passport and visa, and the Form 220 for U.S. citizens living abroad or foreign nationals residing in the U.S?
This ongoing AML process involves reviewing customer transactions and activities for unusual patterns, especially relevant in the less transparent OTC market
What is Transaction Monitoring?
This is the time period given to financial institutions to file a SAR
What is 30 days, and 60 days without an identified suspect?
This scam involves an impostor forming a relationship with someone to request money in the long run or for a short period of time
What is a Romance Scam?
This person on the team was on a rowing team in college and performed as a local musician in their hometown
Who is Margaret?
Name one country located in Central America that is currently on OFAC's Sanctions List
Who is Nicaragua?
These are key challenges in AML compliance for OTC securities and penny stocks due to the nature of these markets
What is lack of transparency, limited access to reliable data, or potential for fraud?
This serves as the purpose for the Patriot Act of 2001
What is to deter and punish terrorist acts in the United States and around the world, to enhance law enforcement investigatory tools, and other purposes?
This term describes the act of recruiting someone, often unknowingly, to receive and transfer illegally obtained money
What is a Money Mule Operation/Recruitment?
This architectural element, designed by Santiago Calatrava, features iconic "wings" that open and close at the Milwaukee Art Museum
What is the Burke Brise Soleil?
Aside from...,these are the other steps for initializing foreign address changes for a U.S citizen relocating somewhere else
What are
This process, along with standard KYC, is an additional layer of customer investigation when dealing with a high-risk client trading in OTC or penny stocks
What is Enhanced Due Diligence?
Name 3 of the 6 main priorities of the AML Act of 2020
What are Risk-based programs, AML/CFT Priorities, Beneficial Ownership Reporting, Whistleblower Protection, expanded definition of financial institutions & FinCEN BOI Registry?
This is the name for an investment scam that pays returns to earlier investors with money from new investors, rather than actual profits
What is a Ponzi Scheme?
This was the original name of the Milwaukee Brewers before relocating to Milwaukee in 1969
What is The Seattle Pilots?