Bsb Transactions Case Study
a) How transactions are funded (cash, credit, debit, ACH debit form bank account, check/remotely created check-RCC).
All MSB transactions are funded by cash.
b) How does money go from sender/buyer/holder of value (point A) to the entity receiving the money (point B)
The sender enters the location and picks up one of the red phones provided by the wire transfer companies (Sigue Corporation, Orlandi Valuta, Money Gram). The sender provides all the required information to a money transfer service operator. The sender is then provided with a pin number. Once the pin number has been issued, the sender gives it to a cashier that he/she …show more content…
d) If conducting activity as Agent is money deposited into principal subaccount
Yes, money is deposited into principal subaccount.
e) What WF products/services are used to process transactions (deposit accounts, ACH origination, RDC products, WF merchant services, etc.)
Deposit accounts are used to process transactions.
Understanding of BSA/AML Compliance/fraud oversight, management structure roles and responsibilities covering the following areas:
a) Who is the designated compliance officer for the company, who does the compliance officer report to within the company?
Juventino Magana is the designated compliance officer and reports to Sofia Magana.
b) How many employees support the compliance/fraud function for the company?
There are currently five employees supporting the compliance/fraud function for La Morenita.
c) What are the roles and responsibilities of the compliance/fraud team?
The team is responsible for detecting suspicious activities and reporting to compliance officer when necessary.
d) Who in compliance structure is responsible for transaction monitoring and reviewing of …show more content…
La Morenita does not charge customers to cash checks. Customers are also required to present photo identification, sign, and provide a phone number prior to check cashing approval.
Check Cashing Fraud Protection Process
a) Established fraud prevention training programs that includes Large Dollar check verification and the detection of unusual check cashing activities
Cashiers, and other employees, are not allowed to cash checks, only management. La Morenita only cashes check from local known companies, and loyal customers. This minimizes the risk of cashing counterfeit checks.
b) Manual process or vendor based program for counterfeit or potential return item detection including unusual check cashing frequency and patters.
Management only cashes checks from local known companies, and loyal customers. All other checks are rejected. Management oversees frequency and patterns by the date issued, either weekly or biweekly payroll checks, depending on the company that issues it. When in doubt, checks are not cashed.
c) Enhanced procedures for large dollars item verification including US Treasury