CIP
AML
SAR & Red Flags
CTR
Mixing Pot
100
Intended to enable the bank to form a reasonable belief that it knows the true identity of each customer.
What is Customer Identification Program (CIP)?
100
The criminal practice of filtering illegally gained funds through a series of transactions so the funds are "cleaned" to look like proceeds from legal activities.
What is Money Laundering?
100
This form is filed if the bank knows, suspects or has reason to suspect that the transaction may involve potential money laundering or other illegal activity.
What is a Suspicious Transaction Report (SAR)?
100
The threshold at which a CTR must be filed.
What is $10,000.01?
100
Mike Turner
Who is the Bank Secrecy Officer?
200
Non-expired Driver's License / Non-expired state issued ID / Non-expired Passport / Military ID / Permanent and Temporary Resident Card / Resident Alien Card
What are acceptable forms of identification?
200
Placement / Layering / Integration
What are components of Money Laundering?
200
A fraud or active duty alert included with a consumer report.
What is a Red Flag?
200
This list is maintained and updated annually and contains customers which CTR reports will not be required to be filed.
What is the Exempted Customer Listing?
200
Official Checks Cashier's Checks Money Orders Traveler's Cheques
What are Negotiable Instruments?
300
Form used to certify Foreign Status of Beneficial Owners for United States Tax Withholding.
What is a W-8BEN?
300
This happens when cash in excess of $10,000 is deposited at a bank in several transactions under that amount.
What is structuring?
300
Altered or forged applications and/or ID photo or physical description not consistent with the appearance of the applicant.
What are suspicious documents?
300
15 days
What is the timeframe in which a completed CTR must be filed with FinCEN?
300
Administers laws that impose economic and trade sanctions based on foreign policy and national security objectives.
What is the Office of Foreign Assets Control (OFAC)?
400
Form completed at time of opening new accounts for a business that is used to assess risk.
What is the Commercial Risk Profile?
400
One of the US Department of Treasury's lead agencies in fight against money laundering.
What is the Financial Crimes Enforcement Network (FinCEN)?
400
A practice in which an individual with accounts at two or more financial institutions intentionally utilizes the delay in the check clearing process to write checks from one account to depoist into the second account knowing the first account does not have the collected funds.
What is Check Kiting?
400
$4,000 and $7,000 deposits made into the same account on the same business day.
What is a multiple cash trransaction?
400
Any person doing business in currency exchange, check cashing or issuing cashier's checks, traveler's cheques or money orders.
What is a Money Service Business?
500
A person with an account with the bank, including a loan account or deposit or other asset account or a person with respect to which the bank has obtained and maintains on file with the person's name and address, as well as TIN.
What is an Established Customer?
500
Assessed for intentional violations of BSA/AML.
What are civil and criminal penalties?
500
Misappropriation of an individual's identification information with the intent to commit fraud.
What is Identity Theft?
500
The person standing before you making the cash transaction.
Who is the conductor?
500
Signed into law after September 11, 2001 by President Bush.
What is the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (USA Patriot Act)?
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