Who Are You?
What does KYC stand for?
What is Know Your Customer?
This U.S. law from the 1970s helps stop financial crime
What is the Bank Secrecy Act?
What does PII stand for?
What is Personally Identifiable Information?
What is the maximum value of a gift an advisor can give or receive per year to Prospective and Existing Clients, provided they are not in the industry?
What is $500?
If you receive a check from a client, you must promptly deposit it utilizing the Remote Deposit Programs, completing the deposit by when?
What is the end of the business day following the receipt of funds?
This crime involves “cleaning” dirty money
What is money laundering?
Breaking a big deposit into small chunks to avoid alerts is called?
What is Structuring or Smurfing?
You have to give this before a company uses your data
What is consent?
______________ is the only compliant texting solution available to LPL advisors that lets you text with your clients at no additional cost to you.
What is MyRepChat?
This home office team keeps everyone honest and following the rules.
What is the compliance team?
We ask you to update your info every so often – this is called...
What is periodic review?
We write one of these reports when something fishy happens
What is a Suspicious Activity Report (SAR)?
How do we scramble and protect your information to prevent bad players gaining access to client data?
What is encryption?
All gifts and entertainment, given and received, must be logged where?
What is MyComplianceOffice (MCO)?
Where should client documents be kept overnight, if they cannot be shred immediately?
What is a locked drawer?
Clients need to provide this PII to open an account (name two)
What is:
Legal Name
Citizenship
SSN
Date of Birth
Marital Status
Legal Address
Mailing Address
Sending money to a tiny island with no banking rules is called...?
What is using an offshore tax haven?
If a client emails you a money movement request, what must you do first?
What is call them and confirm the distribution details and confirm the request is legitimate.
The value of Business Entertainment provided to Clients may not exceed __________ at a single event.
What is $500?
We make you do this training every year (sorry, not sorry!)
What is annual compliance training?
Three components of KYC include Customer Due Diligence (CDD), Enhanced Due Diligence (EDD) and _______________.
What is Customer Identification Program (CIP)
How much cash triggers a report if deposited in a bank or financial institution?
What is $10,000?
Which of the following is considered a data breach?
A) A client updating their address
B) Unauthorized access to or disclosure of client data
C) Sharing your calendar with a coworker
What is unauthorized access to or disclosure of client data
LPL’s Investment Management Group policy allows all _______________ accounts to be supervised as a group, rather than individually. This applies to monitoring for Investment concentration limits, High cash balances, Frequency of trading
What is SAM accounts?
LPL reviews how well we follow all rules and regulations by conducting a what?
What is a compliance audit?