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5 Cards in this Set
- Front
- Back
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Money laundering occurs in 3 stages:
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1.Placement stage-Cash enters the fin system
2.Layering stage-Funds are moved into other accounts 3.Integration stage-Funds are reintroduced into the economy |
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Currency Transaction Reports(CTR)
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File for transactions involving currency over $10k
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B/D's who transfer funds, including wire fund transfers of $3k or more must retain this info:
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1.name and address of the transmitter and reipient
2.Recipients financial inst, account number and amount |
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The Money Laundering Act imposes addtl customer ID req on member firms including:
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1.Verify the ID of any customer w.in 5 BUSINESS DAYS
2.Maintain customer ID records 3.Check that the customer does not appear on any terrorist list |
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Firms would file a Suspicious Activity Report(SAR) for:
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1.Transaction involving $5k or more when the b/d detects and know criminal violation
2.Client has lack of concern regarding risk and commission and repeated actions between unrelated accounts 3.*if a firm becomes aware of suspicios transaction, they must file a SAR w.in 30 DAYS. |
