KYC
What document outlines the rules and regulations for a company's operations?
Articles of Association/Memorandum of incorporation/Charter of the Company
What are the three stages of money laundering?
Placement, layering, integration.
What institutions enforce sanctions within the European Union?
European Commission and national authorities of EU member states.
In Finland, financial institutions are primarily supervised by one of which two authorities?
Financial Supervisory Authority (finanssivalvonta) or Regional State Administrative Agencies (aluehallintovirastot).
In what TV show does a teacher launder money through a car wash?
Breaking Bad
What official document provides detailed information about a registered company?
Trade registry extract / Certificate of registration
What types of companies can be used to hide the true owners of money.
Trusts, cell companies.
What institution enforces sanctions within the United States?
The Office of Foreign Assets Control (OFAC)
Which U.S. law, passed after 9/11, serves as a cornerstone for Anti-Money Laundering (AML) efforts?
The Patriot Act
Which Netflix series features a financial advisor laundering drug money?
Ozark
Who are considered Politically Exposed Persons (PEPs)?
Politically exposed persons are individuals who hold or have held a prominent public position, or individuals who are close associates or immediate family members of such individuals.
What are money mules and how they relate to money laundering?
Money mules are individuals who transfer or move illegally acquired money on behalf of someone else.
Why is it important to perform sanctions screening during and after customer onboarding?
To prevent entering into a business relationship with a sanctioned person or entity.
Which regulation obligates Financial Institution in Finland to conduct KYC/AML procedures?
Rahanpesulaki
In Better Call Saul, which type of business is used to facilitate money laundering?
Fast food (Los Pollos Hermanos)
Who are considered ultimate beneficial owners (UBOs)?
Ultimate beneficial owners are persons who directly or undirectly hold at least 25% of the ownership or voting rights of the company, or in in any other way effectively exercise control of a the company.
What is smurfing and how it relates to money laundering?
Smurfing refers to the process of breaking up a large sum of money into smaller amounts, and then depositing each amount separately, in order to avoid suspicion and inquiries about the origin of the funds.
What service is used at Finnfund to screen for sanctioned individuals/entities?
Dow Jones
Which directive obligates Financial Institutions in the EU to conduct KYC/AML procedures?
EU's Anti-Money Laundering Directive (AMLD)
Which movie depicts a real-life story of the Panama Papers and offshore tax evasion?
The Laundromat
What two alternatives there are normal due diligence?
Enhanced due diligence (EDD) and Simplified Due Diligence (SDD)
How can financial institutions report potentially suspicious financial activities?
Through Suspicious Activity Report (SAR), which in Finland is done to National Bureau of Investigation's (KRP) Financial Intelligence Unit (rahanpesun selvittykeskus)
What is the main difference between sanctions in the EU and United States?
EU sanctions primarily apply in the EU jurisdiction, while US sanctions apply in all countries.
What international organization serving under OECD sets global AML standards?
Financial Action Task Force (FATF)
In Wolf of Wall Street Jordan Belfort is eventually arrested for violating what two laws?
Securities fraud and money laundering