Employment & Environment: Money Laundering Flashcards Preview

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Flashcards in Employment & Environment: Money Laundering Deck (3)
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1
Q

Employment & Environment:
Money Laundering
Overview

A

Definition of Money Laundering
- process by which one conceals the existence , illegal source, or illegal application of income and disguises it to make it look legitimate
Bank Security Act of 1970
- requires record keeping and reporting by banks
- report transactions over $10,000
- identify persons conducting such activity
- maintain traceable paper trail

2
Q

Employment & Environment:
Money Laundering
Prohibited Transactions and Transportation

A
  • prohibits the financial transaction itself
  • prohibits the transportation of funds for money laundering
  • conspiracy to violate is separate offense
  • $10,000 max civil penalty and max criminal penalty of 20 years in jail and $500,000 fine OR twice value of laundered money (which ever is greater)
3
Q

Employment & Environment:
Money Laundering
Property Transactions

A
  • must knowingly engage
    Penalties
  • max $10,000 civil penalty and criminal punishment of up to 10 years in jail
  • auditors are not specifically charged with detecting and reporting money laundering

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