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Flashcards in Financial Aspects Deck (12)
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1

3 methods to establish a financial profile:

1) Net worth method
2) Bank deposits method
3) Sources & Applications method

2

Bank account and cash on hand BALANCE RULES:

Beginning balance = SOURCE
Ending balance = APPLICATION

3

Definition of Monetary Instruments:

- Coin or currency of the US of any country.
- Travelers checks
- Bank checks
- Money orders
- Investment securities or negotiable instruments in bearer form.

4

Definition of CURRENCY:

Coin or paper money of the US or any country (does not include negotiable instruments).

5

18 USC 1956

- any $ amount for financial transaction.
- must prove INTENT or PURPOSE.

6

18 USC 1957

- monetary transaction over $10,000.
- NO intent

7

CMIR

- Currency or Monetary Incident Report

- when a person crosses the border with over $10,000 in currency or monetary instrument.

- TRAVELER

8

FBAR

- Foreign Bank and Financial Accounts Report
- Financial interests in foreign bank account with over $10,000.
- INDIVIDUAL

9

SARs

- Suspicious Activity Reports
- suspicious activity, indicators of money laundering, structuring, illegal activity.
- FINANCIAL INSTITUTIONS

10

FINcen 8300

- Cash payments over $10,000 made in TRADE and BUSINESS.
- receives over $10,000 in cash 1 or more times in a 12 month period.
- TRADE/BUSINESS

11

CTR

- Currency Transaction Reports
- transactions involving over $10,000 in currency.
- FINANCIAL INSTITUTIONS

12

CMIR

- Currency or Monetary Instrument Reports
- crossing border with over $10,000 in currency or monetary instrument.
- TRAVELER