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23 Cards in this Set
- Front
- Back
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HQLA |
High Quality Liquid Assets (must have sufficient amount of these resources to survive acute stress scenarios |
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CRT |
Credit Risk Transfer |
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Wrong Way Exposures |
likely to be largest precisely when the counterparty's creditworthiness is lowest |
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CDO |
Collaterized Debt Observations |
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MSB |
Money Services Businesses: provide financial services outside the banking system; often unsupervised and use unregulated foreign counterparts |
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IVTS |
Informal Value Transfer System: vulnerable to money laundering, efficient, cheap and opaque. |
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CP/ ABCP |
Commercial Paper or Asset-Backed Commercial Paper |
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MMF |
Money Market Funds: Open-ended mutual fund that invests in highlysafe short-term assets; must diversify adequately |
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SOX |
legislation in reaction to WorldCom and Enron scandals, inhothouse atmosphere of panic |
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ML |
Money-Launderers |
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CTR |
Currency Transaction Report: Each FI must file a CTR for each deposit,withdrawal, exchange of currency or other payment or transfer, by, through, orto the FI, which involves a transaction in currency of more than $10,000. Under the Bank Secrecy Act |
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CC |
Casas de Cambio: currency exchangers (specifically in Latin American countries) |
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BSA |
Bank Secrecy Act: requires FIs to keep records of cash purchasesof negotiable instruments, file reports of cash purchases of $10,000 or moreand to report suspicious activity that may signify money laundering, taxevasion, or other criminal activities. |
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FinCen |
US Dept of Treasury’s Financial CrimesEnforcement Network |
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BCCI |
international holding company bank; laxoversight and tight bank secrecy laws |
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KYC |
Know Your Customer: need government document for ID,problems occur with electronic transactions Under Bank Secrecy Act |
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MIL |
Monetary Instrument Log: Cash purchases of monetaryinstruments totaling from $3000 to $10000 must be recorded by FI and MIL; kepton record for compliance, must keep it for 5 years Under Bank Secrecy Act |
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SAR |
Suspicious Activity Report: required reporting for specific money clarifications |
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FSOC |
Financial Stability Oversight Council: · interagency council to detect anddeter emerging threats to financial system (within Treasury) Impose enhanced prudentialstandards on systemically important financial institutions. Domestic and foreign banks:Assets > $50 billion Under Dodd Frank |
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OFR |
Office of Financial Research: data and research and analysiscenter used to collect, analyze and share financial information Under Dodd Frank |
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SIFI |
Systemically Important Financial Institution |
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CFPB |
Consumer Financial Protection Bureau: · Tasks: financial literacy,creation of consumer protection regulation and preference research Office of Financial Education:clear summarized information and statements · Consumer financial protection:centralized supervision; ensure clarity on fees and penalties |
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SPV |
Special Purpose Vehicles: corporation set up with narrow purpose andpossibly a limited period; legally separate from the originating company. Ie. Conduit for commercial paper |
