Deposits / Withdrawals
Bank Issues
Union Pay / Payouts
Compliance / Accounting
Miscellaneous
100
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.
100
Why would a wire be returned to us (name 3 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
A client contacts us after 3 weeks of their CUP refund indicating the refund was not received. The status of the refund is successful in the PA portal. What is the appropriate action?
Create child case and email vendor.
100
Who are the regulators for the US and the UK entities, respectively?
NFA and FCA
100
Why do banks in China reject our wires?
Due to foreign exchange regulations within China.
200
A client contacts CS and says they have not received a check in the mail that we processed 2 weeks ago. The client wants us to reissue the check. What are the appropriate steps to take (name 3 steps)?
1. Check to see if the check was cashed. 2. Place a stop payment. 3. Process a new check WD.
200
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.
200
When do we offer Payout (3 scenarios)?
1. CUP refund fails. 2. Wire is returned. 3. Wire WD is available (no CC/CUP exposure).
200
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?
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
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.
300
What can we amend on a wire sent from Barclays (2 things)?
Name (if it's not too big a change) Payment Details
300
What are the fields required to send a Payout?
Beneficiary Name Account Number Bank Name Branch Province City
300
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.
300
What is the name of the platform being used by City Index that will eventually replace Cashblotter and CST?
G2
400
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.
400
What do we need to check for when granting DA or rejecting a payment, and why?
The status of the deposit in CB - to ensure we do not duplicate the return of funds.
400
What is the current Union Pay rate?
6.3043
400
Name 5 high risk countries.
High Risk Countries: BURUNDI, CENTRAL AFRICAN REPUBLIC, CHAD, EAST TIMOR, EQUATORIAL GUINEA, ERITREA,ETHIOPIA, GUINEA, GUINEA-BISSAU, HAITI, LAOS, PAKISTAN, UGANDA, UZBEKISTAN, VENEZUELA, YEMEN, IRAN, NIGERIA Afghanistan Congo Republic Cuba Iran Iraq Myanmar Nigeria North Korea Somali Democratic Republic Sudan Syria Zimbabwe
400
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
500
Why is it so important to mark an inward payment as a returned wire?
Because according to the new 10-day rule, any client deposit must be returned within 10 business days if unallocated. This does not include return wires, therefore by leaving a returned wire unchecked it will appear as a new client deposit.
500
A client has claimed that they did not receive a wire sent 7 days ago (there are no holidays, and the value date of the wire was 7 days ago). We obtain the MT103 and confirm that the wire was sent successfully. What are other reasons why the client still does not have the funds? (Name 2 reasons)
1. Funds are being held by the intermediary bank. 2. The client's bank is holding onto the funds due to incorrect details. 3. There is a compliance flag for OFAC or watchlist at either the intermediary or beneficiary bank.
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
What happens when a Canadian entity client breaches CRC policy, and what are the options available for the client (there are 2 options)?
The excess of the breached CRC limit automatically transfers into a suspense account. The client either: 1. Update their risk capital (via My Account or email) which will cause the transfer to go back into the trading account. 2. Request to have the excess funds returned.
500
Explain what PCI is and why it's part of our process.
The Payment Card Industry Data Security Standard (PCI DSS) is a set of requirements designed to ensure that ALL companies that process, store or transmit credit card information maintain a secure environment. As a broker that accepts card deposits, we must comply with this business standard of best practice.
M
e
n
u