INSIGHT
This is the customer relationship management system we use to enter and track all investor and client demographic information
What is Insight?
This label needs to be attached when information is missing on Insight
What is AffUpdates?
A professional third party who introduces potential clients to a financial service provider and verifies their identity and performs customer due diligence. It allows the client's identity to be verified by a trusted professional, reducing the burden on the client while complying with AML regulations.
What is an Eligible Introducer?
For this type of trust, control is retained by the settlor during their lifetime. They have the power to modify, amend, or revoke the trust at any time. They are also commonly used as estate planning tools to manage assets during the settlor's lifetime and to facilitate assets to beneficiaries upon the settlor's death.
What is a Revocable Trust?
An separately owned entity owned legally by shareholders who elect a board of directors. They are subject to "double taxation", which means the entity
What is a corporation?
What are "Primary US SSN/TIN" or "Foreign Tax ID", "Country of Domicile", "Legal, Mailing, Tax Address", and "Third Parties"?
The only information we require to have for AML reporting on Insight.
This is the queue we send the sub task to when further action is required by the IS team
What is "Open AML Items Required"?
For Onshore Letters, if this specific term is mentioned we can check off the "Policies and procedures to identify and report suspicious activity are in place"
What is the "US Patriot Act?"
Once established, the terms of this trust type cannot be modified or revoked by the settlor. Settlor relinquishes control over the assets, whicha are managed by the trustee for the beneficiaries. Usually used for asset protection purposes since assets transferred into the trusts are no longer considered part of the settlor's estate. This means they may be shielded from creditors and legal judgements.
What is an Irrevocable Trust?
A flexible business structure that can have one or more owners. Members have limited liability, protecting personal assets from business debts and liabilities. Less formal: not required to have a board of directors, internal management is governed by an operating agreement among members.
What is a Limited Liability Company?
Controlling parties/entities, settlor/grantor, individuals, controlling parties, and authorized signers are required in what section of Insight?
What are Third Parties?
These are the first things we type on the sub task ticket when reviewing before we list Insight and Open AML Items.
NOTES
This is a person who has been entrusted with a prominent public function, and represents higher risk for potential involvement in bribery and corruption by virtue of their position and the influence they may hold.
What is a Politically Exposed Person?
The person who creates the trust and transfers assets into it. Defines the terms of the trust and specifies how the assets should be managed and distributed.
What is a Settlor?
Structure consists of at least one general partner and one or more limited partners. The GP has unlimited liability, personally on the hook for debts and obligations of structure. LP's only liable up to the amount they've invested in the partnership. The GP manages day-to-day operations, LP's have minimal involvement.
What is a limited partnership?
While we do not track these, we need to ensure these match the investor's naming convention?
What are wire instructions?
This is the number of total clients when filtering for both "Team Taylor" and "Team Ted" under "Tickets by Supervisor"
What is 69?
This is an association of 11 global banks that has established a template AML Questionnaire which aims to provide a standardized overview of a financial institution's AML policies and practices.
It is used in place of most missing points in an AML letter. (Bonus 200 points if you can name the point it does not address!)
What is the Wolfsberg Questionnaire
(Bonus: "Will provide documents to SEI upon request")
This is the party responsible for managing the assets held in the trust according to the terms outlined. They have a fiduciary duty to act in the best interest of the beneficiaries and to admin the trust in accordance with the trust document and applicable law. They handle and manage significant assets.
What is a Trustee?
An investment strategy where a fund invests in a portfolio of other investment funds. Offers diversification and professional management, but doubles the layer of fees and the potential for over-diversification. Treated like a LP or Corporation in terms of AML documentation and Risk Assessment.
What is a Collective Investment Scheme/Fund of Funds?
This is the most important label attached to a third party for tracking purposes.
What is controlling party?
What is the appropriate queue to push a ticket that is AML approved, but still waiting on review by the EDD Team?
What is "Pending Approval"?
These type of AML Letters cover a group of investors under a specific client for a specific fund close.
What are Blanket AML Letters
This is an irrevocable legal arrangement that transfers assets to beneficiaries younger that the grantor for at least two familial steps down the line. It bypasses the grantor's children for estate tax purposes, aiming to preserve familial wealth for long periods of time.
What is a Dynasty or Generation Skipping Trust?
This newer type of structure protects general partners and limited partners from the debts and obligations and obligations of the business. It combines the management and investment structure of a limited partnership with the liability protection of a LLC.
What is an LLLP?