BSA Flashcards
(7 cards)
What is covered under the funds transfer rule?
Certain funds transfers in the amount of $3,000 or more, including wire transfers and transmittals of funds by financial institutions.
What are transmittal orders?
transmittal orders are payment orders from a person instructing a financial institution to pay a certain amount of money to a recipient.
What is the funds transfer rule also known as?
The wire transfer rule.
What are the 6 pieces of information a bank must retain for funds transfers it sends?
i. Name and address of the originator
ii. Amount
iii. Execution date
iv. Payment instructions received from the originator
v. Identity of the beneficiary’s bank
vi. If received with the order, the name and address of the beneficiary, account number of the beneficiary, and other specific identifiers of the beneficiary.
If a payment order is made IN-PERSON by a non-established customer what four pieces of information must the bank retain?
(a) Record of the name and address of the person
(b) Type of identification reviewed
(c) Number of identification documents
(d) TIN, alien identification number, or passport number and country of issuance (If none of
If a payment order is made OTHER THAN IN-PERSON by a non-established customer, what three pieces of information must be retained?
(a) Name and address of the person placing the order
(b) TIN of the person placing the order, or that person’s alien identification number or passport number and country of issuance (If none of these is available, a notation must be made to record this fact.)
(c) A copy or record of the method of payment. If the bank knows that the person placing the order is not the originator, then it must retain a record of the originator’s TIN, alien identification number, or passport and country of issuance, if known, by the person placing the order. (If not known, a notation must be made to record this fact.)
