4 AML Flashcards
(6 cards)
1
Q
FINRA records req
A
3 years
2
Q
3 phases of money laundering
A
1 . placement - $ placed in financial system or smggled out of country
- layering - hide ownership, move $$
- Integration - intergrate into ligit system
3
Q
Current Transaction Report (CTR)
A
funds transmitted in increments of 10k +
4
Q
Bank Secrecy Act
A
3k+ keep records
5
Q
Patriot Act
A
5k+ report suspicious activity
transactions
- serves no bus purpose
- not sort trans pers would have
6
Q
Office of Foreign Asset Control (OFAC)
A
report those who are a threat
