Deposits
Withdrawals
Transfers
Compliance
Miscellaneous
100
What do we check for when posting wire deposits (Name 3 things)?
Acceptable answers: Country, source, base currency, name, financials
100
For our UK entity, when processing a wire withdrawal for a control account, which bank account do we need to send funds from?
Acceptable answers: Operating account, Non-seg account, Account ending in 2033.
100
What do we need to check for when processing transfers (Name 3 things)?
Any of the following are acceptable: Available balance, open positions, base currency, names (TPF), recent ACH deposits
100
At what threshold does a client withdrawal request require additional approval by compliance prior to processing (break it down by method of WD)?
10K for checks, and 25K for all others.
100
Which bank in China rejects must or all of our wire withdrawals?
ICBC.
200
The client has a UK entity trading account and listed the country of residency as China. A wire is received from Hong Kong. What are the appropriate steps to take?
Post the funds.
200
A client funds via wire deposit 95 days ago, and is requesting to return funds to a different bank within the same country. Is this allowed? Why or why not?
Yes - it is outside the 90 day window of having to return funds to the source bank account.
200
A client has an individual trading account and is requesting we transfer funds to their joint trading account. Is this allowed?
No.
200
At what threshold does a partner withdrawal request (control account) require additional approval by compliance prior to processing?
100K
200
What are our 4 highest priority items in order of importance?
1. Treasury escalations 2. Deposits 3. Transfers 4. Withdrawals
300
UK accounting contacts us and says we have a break of a 800 GBP deposit. There is no deposit in CB that matches it (meaning this is not a GL issue). We check inward payments and it is not there. What would explain this break?
A Fast Pay deposit.
300
Name 5 things to check for when releasing a wire.
1. Wiring instructions. 2. Currency. 3. Funds removed in CB. 4. Beneficiary name. 5. Available balance. 6. CC/ACH/CUP exposure. 7. Bank account balance. 8. Approved on the large WD report.
300
A client requested to transfer $1,500 internally. In CB, the balance shows $1,400 with Open Positions. In Meta Manager, the balance shows $1,600 with no Open Positions. Can we process this transfer?
Yes.
300
What are the three stages of money laundering?
Placement Layering Integration
300
Name 2 countries that require specific wiring instructions, and name what it is that reps must input on the wire when processing to ensure it goes through.
Canada - Transit code Japan - Branch code Russia - 20 digit account number in Payment Details China - Refund for services in Payment Details
400
A wire is received for $70,000. The net worth listed on the account is $25,000. What are the appropriate steps to take?
Post the funds to the account, then create a case in SF requesting updated financials.
400
A wire for $40K which was approved by compliance is returned and posted back to a client's account. We are resending funds using the same instructions. Does this require compliance approval?
No - this was already approved.
400
A client wires in USD but has a trading account in JPY. The client has indicated he/she would like us to convert funds into JPY and post funds. What is the appropriate procedure?
1. Settle the wire deposit into suspense. 2. Withdraw the funds out of suspense. 3. Set up a wire to send funds to our JPY account. 4. Post funds when they are converted at the bank level and appear in our inward payments.
400
A client opened a new account 20 days ago and deposited $1,000 by card. The client profited and submitted a withdrawal request for $2,500 ($1,000 back to the card, and $1,500 via wire). The account has been terminated. Compliance approves the withdrawal in CB. What is needed to process the withdrawal?
CC statement/images.
400
A wire was released 2 days ago in Barclays, and the status is "Execution Pending". What is the a appropriate action to take?
Check for emails from Barclays requesting additional details. If there are no emails, contact Barclays.
500
How would you be able to confirm that we can post a card deposit that has an Iovation Flag for "Max Accounts Per Device"?
If the device belongs to common IBs.
500
Accounting contacts us and says there is a break for a $1,000 Barclays wire withdrawal. The wire is released in Barclays and the funds are removed in CB. Name 2 reasons why accounting would have a break.
1. Incorrect GL. 2. The timing of when the wire was released vs. the time funds were removed. 3. The wire has a status of "Execution Pending". 4. Incorrect currency.
500
A US client has submitted multiple deposits totaling $10,000 within the last 3 days. The Margin Balance on the account is $11,000. He/she attempts to submit a transfer online, but only sees a max amount to transfer of $1,000. Name 4 reasons why this would occur.
1. Open positions. 2. Pending WD request. 3. Pending Transfer request. 4. ACH Lock. 5. Promotional credit lock. 6. CB Issue / Meta-CB Mismatch
500
A client has an IRA account with us, and funded from Equity Trust. The client has indicated that their account at Equity Trust is closed and is requesting to send funds to their IRA account at Millennium Trust. How should we proceed?
Request evidence of account closure for the account at Equity Trust. Request a verification document of the Millennium Trust IRA account. Once these documents are received, have compliance review.
500
We processed a wire withdrawal and released the wire 6 days ago. CS reopens the case and requests a wire receipt. What are the appropriate steps to take?
1. Check for any returned wires. 2. Ensure that the wire was sent with the correct instructions. 3. If it appears that the wire was not returned and was sent correctly, attach the wire receipt to the case.
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