Transactions
People/Members
Cash
Guidelines
Deposits
100
When you receive an amount of $10,000 or more in physical cash in a single transaction. (Guess wrong and get -100 Points!)
What is a Large Cash Transaction?
100
The person doing the transaction.
Who is the conductor?
100
A Member is doing a large cash transaction and wants to split the deposit between multiple demands. The total should be first deposited as one transaction into a single demand to fill our a LCTR then distributed accordingly.
What is multiple deposits totaling $10,000 or more?
100
Regardless of the method of deposit, steps must be taken to validate and/or update information on the membership to ensure we are meeting FINTRAC requirements.
What is updating the member transaction?
100
Deposits made in branch, ATM, Armoured car or Night Deposits. Guess wrong and get -100 Points!
What is the Method of Deposit?
200
BD, D, PD, PL, PY, YTC, YTM. All of which default to cash.
What are cash transaction codes?
200
We are required to certain if an individual is acting on behalf of a Third Party for all large cash transactions of CAN 10,000 or more.
What is Third Party Determination?
200
Transactions that do not involve any physical or 'true cash' but are posted as cash.
What is Not True Cash?
200
This form identifies the source of funds.
What is the Source of Funds Declaration?
200
This transaction is when a deposit it dropped off and the depositor does not stay for the completion of the transaction. (Question is worth Double Points!!)
What is an In-Branch Transaction?
300
This must be reported to FINTRAC within 15 calendar days of the transaction
What is a Large Cash Transaction?
300
This is an individual or entity other than the individual who conducts the transaction or the signers on the account. This is whoever gives instructions regarding that transaction.
What is a Third Party?
300
This rule is when an individual deposits 2 transaction, both under $10,000 at 2 different times of the day. Total at the end of the day is over $10,000.
What is the 24 hour rule?
300
If a transaction is initiated in cash, in the amount of $10,000 or more, you must notify AML and fill out this report. (Guess wrong and get -300 Points)
What is a Large Cash Transaction Report?
300
When this is received, this must be done in dual custody. This cannot be put in personal lockers and needs to be 'cooled down' before opening/moving.
What is Armoured Car Deposit?
400
Deposits greater than $5,000 but less than $10,000 require this in DESC5 in a transaction. For deposits less than $5,000, it is not required but is best practice to enter this in DESC5 when cash is not involved.
What is 'not true cash'?
400
This is anyone, other than the individuals who hold signing authority on a membership or account, who is making a deposit to the account.
Who is a Non-Signer?
400
This means physical cash in your hands in the form of dollar bills or coin. (Guess wrong and get -400 Points!)
What is 'True Cash'?
400
This form identifies the suspicious factors or the transactions/accounts.
What is a Suspicious Transaction Report?
400
This must be recorded on 'DESC5' when deposit transactions are larger than $10,000. Question is worth Double Points!!
What is the Method of deposit?
500
Members of participating Credit Unions are able to complete member card transactions, including cash deposits by using the CEBS machine. Any cash deposit of $10,000.00 CAD or more constitutes a Large Cash Transaction and must be reported by the member’s Credit Union.
a. What is a CEBS Transaction?
500
We can ask these questions to help determine. "Are you acting on your own behalf, or on someone's instructions?" " Were you told to conduct this transaction by someone other than yourself?" "Is this money being deposited for someone else?"(Question is worth Double Points!!)
What can we ask to determine if a Third Party is involved?
500
A Cheque, draft, money order, or other negotiable instrument is not considered to be this.
What is not considered True Cash?
500
This is a means for gathering additional details about the cash and/or cheque(s) presented by a member, when making any transaction requests. Question is worth Double Points!!
What is the Source of Funds Declaration?
500
Cash deposits of $10,000 CAD or more through this method of deposit usually occurs as multiple deposits since it is cash.
What is ATM deposit?
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