Customer making a deposit into a checking account
Checking deposit -verify account number and name
What is a legal entity customer?
corporate, limited liability company or other entity that is created by public document with secretary of state
What is No Lan?
Not connected to anything?
directly or indirectly owns 25% or more of equity
Ownership prong
What does ready/dual mean on teller insight?
Go to go, ready to use
What is Internal control? (four pillars)
Compliance policies, procedures and processes
What must you collect under the CIP?
Name, DOB, Physical address, identification number(ssn)
What is AML?
Anti money laundering
Responsibility to control/manage or direct legal entity--executive officer/senior manager
Control prong
What is the BSA?
Bank secrecy act
How long do banks retain records for ?
5 years
What do you do when entering a checking withdraw slip? (BT check)
Enter account number, click on us check, owner, amount of withdrawal, check number 0, enter ID info, then finish and print
SAR
Suspicious activity report
What is integration?
Illegal funds integrated in financial system -typically real estate
Define FinCEN
Financial crimes enforcement network responsibility
CTR
Currency transaction report
What do the BSA and AML do?
Detect illegal actors and transactions
What is known as the 5th pillar?
CDD (customer due diligence)
Cash is reported under CTR if transaction is more than how much in one day?
$10,000
What are the four pillars under the BSA/AML compliance
Internal controls, independent testing, compliance training, employee training
When do you use a NON customer on us check?
When the customer has a BT check but they do not have an account with us
Deadline to file a SAR for a suspicious customer ?
30-60 days
What are the four steps for the CDD?
1. customer identification/verification 2. Beneficial ownership/verification 3. Understand nature and purpose of customer relationship 4. ongoing monitoring
Compliance officer?
Coordinating and monitoring compliance program
What does the CDD require?
Requires banks to identify and verify beneficial owners
What is layering ?
Moving of funds around financial systems using computer transactions
What is ready/stand alone?
No TCR (sagewood)
What is employee training ?
Testing and training
What are the two types of terrorism defined under the USA patriot act?
International Terrorism and Domestic terrorism
Customer making deposit into savings account
Savings deposit - verify account number and name
How many years years do banks retain customers information after the account is closed ?
5 years after account is closed
What is ON US?
Checking withdrawal slip that is bankers trust
What is a savings withdraw?
Customer gives you a savings withdraw slip to pull out money from savings
What is independent testing?
Asses banks compliance
Customer identification program
CIP