Bank Secrecy Act
The Bank Secrecy Act was passed in this year.
What is 1970?
FinCEN is an acronym for this bureau.
What is the Financial Crimes Enforcement Network?
This Act was repealed by GLBA.
What is Glass-Steagall?
A third party secures a loan on behalf of an unqualified buyer, concealing the true borrower.
What is a straw buyer?
HOEPA is an acronym for this.
What is the Home Ownership and Equity Protection Act?
The Anti-Money Laundering Act became effective on this date.
What is January 1, 2021?
FinCEN is part of this Federal department.
What is Treasury?
The president who signed GLBA into law.
Who is Bill Clinton?
Loans secured for non-existent properties or borrowers.
What is an air loan?
To address the risks of senior citizens falling prey to predatory lending, this law was passed in 1994.
What is Senior Citizens Against Marketing Scams Act?
This is stage 2 of money laundering
What is Layering?
FinCEN mandates the filing of this report.
What are Suspicious Activity Reports (SARs)?
Prohibits the disclosure of consumer or customer Nonpublic Personal Information.
What is Reg P?
Loan modification scams and fake rescue scams.
What is foreclosure fraud?
Structuring loans to include negative amortization is prohibited by
The process by which previously laundered funds are reintroduced into the economy.
What is Integration?
This form is used to report cash payments exceeding $10,000 in a single transaction.
What is Form 8300?
If you violate Reg P you could be forced to pay this amount.
What is $100,000?
This document could be used to hide property fraud.
What is the appraisal?
This ensures that borrowers cannot be discriminated against based on protected classes?
What is the ECOA?
This amount was laundered through US real estate over a five year period. (According to a 2021 study).
What is $2 billion?
The current Secretary of the Treasure Department
Who is Scott Bessent?
Before disclosing NPI the customer has this long to opt-out.
What is 30 days?
The year identity theft became a crime.
What is 1998?
These are the four key prohibitions under HOEPA.
What is, balloon payments, prepayment penalties, negative amortization, and loan flipping?