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Flashcards in Test 1 Deck (18):
1

Another name for Banks

Depository Financial Institutions aka DFI's

2

FINCIN falls under which US government department

The department of Treasury

3

Fastest form of Identity theft

Unauthorized access to checking accounts

4

Major banking vulnerability the BSA attempts to address is foreigners sending & receiving payments through the US banking system using...

Correspondent, payable through, or nested accounts

5

Private banking is...

The personal or discreet offering of a wide variety of financial services and products to the affluent market

6

A PEP is...

Politically Exposed Person

7

Financial Institutions are required to file CTR (Currency Transaction Report) when a customer does what

Deposits, withdrawal, exchange, or other payment or transfer of more than $10,000

8

Banks and bank type organizations are the only financial institutions that are allowed to receive deposits and then provide direct access to those deposits through

Financial Payment system

9

Money transmitters provide what services

wire transfers

10

Money Orders are like checks except for one thing...

they don't bounce

11

With stored value cards, the monetary value is where

On the card itself

12

Informal value transfer systems (IVTS), aka Hawalas, operate primarily in ethnic communities are viewed as beneficial because...

Presence, location, and cost

13

According to bulk cash smuggling seizers statistics, the 2 most active cash smuggling states are

Texas and California

14

Most common form of trade based money laundering in the western hemisphere is

The Black Market Peso Exchange

15

Life, health, and accident insurance generates a half a trillion dollars in premiums and contract revenue annually Most of these premiums come from...

the sale of annuities

16

Shell companies are...

Companies that have no presence, no employees, and produce nothing

17

Intermediaries are often used to create shell companies these institutions are called

Nominee incorporations services, aka NIS

18

Casinos are vulnerable to money laundering because...

exchanging illicit cash for casino chips