Show:
Deposits
Withdrawals
Transfers
Compliance
Miscellaneous
100
What do we check for when posting wire deposits?
Country, name, financials
100
What are three things we should always be checking for when processing any withdrawal?
Acceptable answers: Account history, available balance, open positions, source of funds, currency
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
If we receive a wire from a broker named FX Trader LLC, what are the appropriate steps to take?
Check the appropriate broker website (FCA, NFA, etc.) to confirm FX Trader LLC is a registered broker.
200
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.
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 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
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.
300
A client funds via wire deposit 70 days ago, and is requesting to return funds to a different bank within the same country. Is this allowed? Why or why not?
No - compliance rules stipulate that if a wire deposit is received within the last 90 days we MUST return to the source bank account.
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
If we receive a wire that is TPF, we have a process of how to return funds. What is the old process, and what is the new process?
The old process: Ask the client to recall the funds. The new process: Email our bank via SF and reject the funds.
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 client initially funded their account 40 days ago via Union Pay. We attempted to refund via CUP and the refund failed. The refund has been cancelled and the exposure updated. There is additional CUP exposure on the account. CS updates the case with Payment Instructions to the Bank of China. What are the appropriate steps to take?
1. Confirm that the Payment Instructions are verified on a CUP verification document / request CUP verification to the account at Bank of China. 2. Process a Payout to the Bank of China.
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
From an organizational standpoint, what is the chain of command for FinOps representatives all the way to the very top?
FinOps Representative - FinOps Team Leads (Omar and Jay) - David Chen - Haris Ctorides - Marcelo Spina - Samantha Roady - Glenn Stevens
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
An account was funded by two accounts ending in 5498 and 9764. We received a wire of $1,000 from account ending 5498, and $10,000 from account ending in 9764. The client is requesting we return $11,000 to the account ending in 5498. Can we proceed, and why/why not?
Yes - both are verified sources.
500
A US client has submitted multiple deposits totaling $10,000 within the last 3 days. 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.
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.