Deposits / Withdrawals
Bank Issues
Union Pay / Payouts
Compliance / Accounting
Miscellaneous
100
Name 3 things to check for when posting a credit card deposit.
All of the following are acceptable answers: Name Card Issuing Country Iovation Financials If US, confirm if this is a Debit or Credit card by checking BIN
100
Why would a wire be returned to us (name 2 reasons)?
1. Incorrect instructions. 2. Bank regulations. 3. Bank does not accept the currency we sent it in. 4. Bank only accepts SEPA payments. 5. Bank rejects payment for compliance reasons (OFAC, blacklist, etc.).
100
Which of our CUP vendors offers automated withdrawals?
PaymentAsia
100
Who are the regulators for the US and the UK entities, respectively?
NFA and FCA
100
John Smith has a trading account and a wire is received in the name of Mary Smith. The client provides a marriage certificate confirming Mary is John's wife. Can we post funds?
NOOOOOO
200
What are the steps to take to cancel a pending credit card deposit due to TPF (there are two steps)?
1. Cancel the transaction in CB. 2. Either void or credit the transaction in Cybersource.
200
What is the unique identifier for a deposit that Barclays provides in an email response to a wire trace that we use to confirm the transaction in Cashblotter?
PET Number
200
What is Payout?
Payout is a domestic wire transfer within mainland China. We wire funds to our CUP vendor, PaymentAsia, who then sends an electronic transfer of funds to our clients domestically within China.
200
Explain what a GL is.
GL means General Ledger and is the identifying number for the bank account associated to the transaction. This is used by accounting as a way to keep records of financial transactions and reconcile accounts.
200
What is the theme of our Mission Statement?
Any of the following are acceptable answers: Keepin' it real!!! Having fun Teamwork Placing the clients at the heart of everything we do Achieving goals Personal development Exceeding expectations
300
Why can we not process a check withdrawal between the hours of 2pm and 12am?
Because Great Plains integration runs at 2pm.
300
What supporting document would we ask from Barclays to confirm a wire was sent successfully?
MT103
300
Why do banks in China reject our wires?
Due to foreign exchange regulations within China.
300
We recognize that we overpaid a client (meaning we returned more on the banks side than we withdrew in Cashblotter). What are the appropriate steps to take to fix (name 3 possible steps)?
1. Check to see if the client has open positions / available balance for us to withdraw additional funds from the account. 2. If there are open positions, create a case with CS to inform the client of the over payment. 3. If there are no open positions, either cancel the WD and process it again for the correct amount, or WD the difference.
300
What is the hierarchy for our methods of withdrawal? (US Entity)
1. ACH 2. Credit Card 3. Wire/Check
400
A client's country of residence is India, and a wire deposit is received from a bank in Pakistan. What are the appropriate steps to take (there are 2 steps)?
1. Create a case in SF requesting an explanation for the country mismatch. 2. Tag the deposit to the account.
400
A client has claimed that a wire sent a week ago has not been booked to his account. He/she provides a wire receipt. What should we be checking for on this receipt (name 4 things)?
1. The account number it was sent to. 2. The currency it was sent in. 3. The amount. 4. The date. 5. The beneficiary name on the wire. 6. Remitter name. 7. The SWIFT used.
400
What is the current Union Pay rate?
6.3080
400
A UK entity client resides in Colombia, and has funded from a US bank account. What questions does the client need to answer?
1. What is the purpose of opening a US bank account? 2. Do they have a SSN? 3. Are they trading on US soil?
400
What is the name of the platform being used by City Index that will eventually replace Cashblotter and CST?
G2
500
A UK entity client has two accounts (Account A and Account B). The client initially funded Account A with $1,000 via CC ending in 5456 on May 1st, 2015. On June 1st, the client transferred $1,000 from Account A to Account B. Account B has no other deposits on the account. The client profited and on June 25th the client requested to withdraw $2,000. What are the appropriate steps to take (there are 3 steps)?
1. Return $1,000 to the CC ending in 5456. 2. Close the exposure on CC ending in 5456 on Account A. 3. Request CC images/statement for the CC ending in 5456.
500
We receive a return wire for $1,480. What are some steps you can take to determine which client this belongs to (name 3)?
1. Check the details of the return wire for original amount, BIB number, control number, original value date, QMS number, or bank name. 2. Check for any wire withdrawals around the same date or prior to it. When searching, filter to withdrawal amount of $1,480 to approx $100 more to account for bank fees. 3. Contact the bank to confirm who this belongs to.
500
We currently do not offer Payout for control accounts. Why?
Because client funds must be segregated and we cannot use client funds to pay partners, or vise versa. Since we only have one account with PaymentAsia, we cannot use this account to pay both clients and partners.
500
Explain the three stages of money laundering and provide examples.
1. Placement - The placement stage represents the initial entry of the "dirty" cash or proceeds of crime into the financial system. Generally, this stage serves two purposes: (a) it relieves the criminal of holding and guarding large amounts of bulky of cash; and (b) it places the money into the legitimate financial system. It is during the placement stage that money launderers are the most vulnerable to being caught. This is due to the fact that placing large amounts of money (cash) into the legitimate financial system may raise suspicions of officials. Example: A criminal sends a wire deposit to FOREX.com. 2. Layering - After placement comes the layering stage (sometimes referred to as structuring). The layering stage is the most complex and often entails the international movement of the funds. The primary purpose of this stage is to separate the illicit money from its source. This is done by the sophisticated layering of financial transactions that obscure the audit trail and sever the link with the original crime. Example: Transferring money between trading accounts. 3. Integration - The final stage of the money laundering process is termed the integration stage. It is at the integration stage where the money is returned to the criminal from what seem to be legitimate sources. Having been placed initially as cash and layered through a number of financial transactions, the criminal proceeds are now fully integrated into the financial system and can be used for any purpose. Example: The client submits a withdrawal request to a different bank account than the originating source.
500
What is the hierarchy at GAIN, starting from the FinOps Associate role?
FinOps Associate > Jay and Omar > David Chen > Haris Ctorides > Marcelo Spina > Samantha Roady > Glenn Stevens
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