Flashcards in Test 1 Deck (18):
Another name for Banks
Depository Financial Institutions aka DFI's
FINCIN falls under which US government department
The department of Treasury
Fastest form of Identity theft
Unauthorized access to checking accounts
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
Private banking is...
The personal or discreet offering of a wide variety of financial services and products to the affluent market
A PEP is...
Politically Exposed Person
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
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
Money transmitters provide what services
Money Orders are like checks except for one thing...
they don't bounce
With stored value cards, the monetary value is where
On the card itself
Informal value transfer systems (IVTS), aka Hawalas, operate primarily in ethnic communities are viewed as beneficial because...
Presence, location, and cost
According to bulk cash smuggling seizers statistics, the 2 most active cash smuggling states are
Texas and California
Most common form of trade based money laundering in the western hemisphere is
The Black Market Peso Exchange
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
Shell companies are...
Companies that have no presence, no employees, and produce nothing
Intermediaries are often used to create shell companies these institutions are called
Nominee incorporations services, aka NIS