This white paper provides guidelines for establishing an anti-money laundering policy that is compliant with relevant regulations. It defines money laundering and outlines policies for identifying suspicious commercial and consumer account activity. The guidelines specify minimum identification requirements for new accounts, factors requiring enhanced due diligence, dollar limits for filing suspicious activity reports, and procedures for monitoring compliance and identifying high-risk accounts. Sample forms are also included to help document and track suspicious customer activities and transactions.
AML & KYC Guidelines in Bank | Anti-Money Laundering for JAIIB Exam | Bank Pr...Abinash Mandilwar
This video is based on RBI Master Circular on Prevention of Money Laundering Act, (PMLA) 2002 dated 25/02/2016 (Updated up as on 12 July 2018). This is very helpful for preparation of JAIIB Exam, Bank Promotion Exam & Bank PO Exam ( Banking Awareness). Please like, Share and Subscribe the channel. Your valuable comment for improvement is always welcome. For details You may purchase my JAIIB books online. https://www.amazon.in/s?k=abinash+man...
Follow me on twitter @amandilwar (Abinash Mandilwar)
The document discusses money laundering, including defining it, describing the process, and providing case studies. Money laundering is defined as disguising illegally obtained money to make it appear legitimate. The process typically involves three stages: placement, layering, and integration. Placement involves putting dirty money into the financial system. Layering involves separating the money from its source through transactions. Integration makes the money appear clean. Case studies show how professionals like lawyers and accountants can be used to launder money through techniques like shell companies and structured transactions. Estimates suggest $600 billion to $2 trillion may be laundered annually, impacting economies and banking systems.
Know Your Customer (KYC) refers to banks obtaining identifying information from customers to prevent money laundering and financing of terrorism. The key aspects of KYC include:
1) Setting up a compliance unit to monitor accounts and transactions on an ongoing basis and update customer information regularly.
2) Obtaining proper identification and information about customers' employment/business when opening accounts or making significant changes.
3) Monitoring transactions to identify any that are unusually large or inconsistent with the customer's history.
The document discusses Know Your Customer (KYC) and Anti-Money Laundering (AML) guidelines from the Reserve Bank of India (RBI). It outlines the need to revise KYC norms due to technological advances and mobility. The RBI formulated new guidelines based on FATF recommendations to prevent money laundering and ensure banks implement appropriate controls and policies approved by their boards. The guidelines cover customer identification procedures, risk profiling, transaction monitoring, and roles and responsibilities to comply with KYC-AML standards.
KYC (Know Your Customer) procedures require banks to verify customer identities and monitor transactions to combat money laundering and terrorist financing. RBI (Reserve Bank of India) mandates that banks follow KYC guidelines under the Banking Regulation Act of 1949. Banks must have customer identification and verification procedures in place when opening accounts or conducting high-value transactions to comply with KYC regulations. Failure to properly implement KYC norms can result in penalties imposed by RBI as some banks were fined for opening accounts without proper verification that enabled fraudsters to steal money from customer accounts.
This document outlines KYC and AML guidelines issued by the Reserve Bank of India and NABARD. It defines key terms and outlines requirements for banks related to customer identification procedures, monitoring transactions, and establishing an overall KYC and AML policy framework. This includes guidance on customer due diligence, introduction of new technologies, periodic KYC updates, and other measures to prevent money laundering and terrorist financing. Simplified norms are also provided for self-help groups and walk-in customers.
This document discusses Know Your Customer (KYC) procedures that banks must follow to prevent money laundering and related financial crimes. It outlines the key risks to banks, definitions of customers and transactions that require monitoring, KYC documentation standards, periodic review cycles based on customer risk, reporting requirements, record keeping policies, relaxed KYC procedures for low-income customers, and the need for staff training and customer education on KYC-related issues.
The document discusses the basics of anti-money laundering (AML) and know-your-customer (KYC) practices. It defines money laundering and the typical process involving placement, layering and integration of illegally obtained funds. It outlines AML and KYC policies, procedures, controls, and compliance measures financial institutions must implement including customer due diligence, transaction monitoring, and reporting of suspicious transactions. The role of cash in money laundering and obligations of bank officers to exercise vigilance and maintain their institution's reputation are also summarized.
AML & KYC Guidelines in Bank | Anti-Money Laundering for JAIIB Exam | Bank Pr...Abinash Mandilwar
This video is based on RBI Master Circular on Prevention of Money Laundering Act, (PMLA) 2002 dated 25/02/2016 (Updated up as on 12 July 2018). This is very helpful for preparation of JAIIB Exam, Bank Promotion Exam & Bank PO Exam ( Banking Awareness). Please like, Share and Subscribe the channel. Your valuable comment for improvement is always welcome. For details You may purchase my JAIIB books online. https://www.amazon.in/s?k=abinash+man...
Follow me on twitter @amandilwar (Abinash Mandilwar)
The document discusses money laundering, including defining it, describing the process, and providing case studies. Money laundering is defined as disguising illegally obtained money to make it appear legitimate. The process typically involves three stages: placement, layering, and integration. Placement involves putting dirty money into the financial system. Layering involves separating the money from its source through transactions. Integration makes the money appear clean. Case studies show how professionals like lawyers and accountants can be used to launder money through techniques like shell companies and structured transactions. Estimates suggest $600 billion to $2 trillion may be laundered annually, impacting economies and banking systems.
Know Your Customer (KYC) refers to banks obtaining identifying information from customers to prevent money laundering and financing of terrorism. The key aspects of KYC include:
1) Setting up a compliance unit to monitor accounts and transactions on an ongoing basis and update customer information regularly.
2) Obtaining proper identification and information about customers' employment/business when opening accounts or making significant changes.
3) Monitoring transactions to identify any that are unusually large or inconsistent with the customer's history.
The document discusses Know Your Customer (KYC) and Anti-Money Laundering (AML) guidelines from the Reserve Bank of India (RBI). It outlines the need to revise KYC norms due to technological advances and mobility. The RBI formulated new guidelines based on FATF recommendations to prevent money laundering and ensure banks implement appropriate controls and policies approved by their boards. The guidelines cover customer identification procedures, risk profiling, transaction monitoring, and roles and responsibilities to comply with KYC-AML standards.
KYC (Know Your Customer) procedures require banks to verify customer identities and monitor transactions to combat money laundering and terrorist financing. RBI (Reserve Bank of India) mandates that banks follow KYC guidelines under the Banking Regulation Act of 1949. Banks must have customer identification and verification procedures in place when opening accounts or conducting high-value transactions to comply with KYC regulations. Failure to properly implement KYC norms can result in penalties imposed by RBI as some banks were fined for opening accounts without proper verification that enabled fraudsters to steal money from customer accounts.
This document outlines KYC and AML guidelines issued by the Reserve Bank of India and NABARD. It defines key terms and outlines requirements for banks related to customer identification procedures, monitoring transactions, and establishing an overall KYC and AML policy framework. This includes guidance on customer due diligence, introduction of new technologies, periodic KYC updates, and other measures to prevent money laundering and terrorist financing. Simplified norms are also provided for self-help groups and walk-in customers.
This document discusses Know Your Customer (KYC) procedures that banks must follow to prevent money laundering and related financial crimes. It outlines the key risks to banks, definitions of customers and transactions that require monitoring, KYC documentation standards, periodic review cycles based on customer risk, reporting requirements, record keeping policies, relaxed KYC procedures for low-income customers, and the need for staff training and customer education on KYC-related issues.
The document discusses the basics of anti-money laundering (AML) and know-your-customer (KYC) practices. It defines money laundering and the typical process involving placement, layering and integration of illegally obtained funds. It outlines AML and KYC policies, procedures, controls, and compliance measures financial institutions must implement including customer due diligence, transaction monitoring, and reporting of suspicious transactions. The role of cash in money laundering and obligations of bank officers to exercise vigilance and maintain their institution's reputation are also summarized.
This document outlines the KYC/AML/CFT policy of a bank. It discusses key aspects like money laundering definitions, obligations under relevant acts, customer due diligence procedures, risk categorization of customers, identification of suspicious transactions, and reporting requirements. The objective is to prevent criminal activities like money laundering and terrorist financing through proper monitoring and compliance with regulatory guidelines.
This presentation discusses Know Your Customer (KYC) norms and procedures. It aims to understand the meaning of KYC, examine the forms used by banks, analyze the core elements of KYC and when it is required. It also highlights the advantages of KYC in preventing money laundering, identity theft, and financial crimes while enabling banks to better understand customers. The presentation covers the stages of money laundering, risks to banks, and the importance of customer due diligence, identifying suspicious transactions, and complying with laws to prevent money laundering.
This document discusses Know Your Customer (KYC) guidelines for banks in India. It explains that KYC allows banks to properly identify customers and understand their financial transactions. The objectives of KYC are positive customer identification and safeguarding customer money. KYC applies when opening new accounts, changing account details, or conducting high-value transactions. Customers must provide photo ID, proof of identity, and proof of address, such as a passport, driver's license, or utility bills. Small deposit accounts have simplified KYC norms but still require identity verification. Relationship managers assist customers with KYC processes. Money laundering involves disguising illegally obtained money, and banks must properly identify customers to prevent this crime.
KYC, or Know Your Customer, refers to banks obtaining and verifying key information about customers. This includes their identity, address, and occupation. The KYC process helps prevent money laundering and terrorism financing. It involves filling out a KYC form and providing identity documents like a PAN card and address proof. Key elements of KYC policies include customer acceptance criteria, customer identification procedures, monitoring transactions, and managing risks. Effective KYC implementation and monitoring of high-risk accounts is important.
Know More About KYC and Money Laundering Procedure by DHFLDHFL
Do you understand KYC and Anti money laundering procedures completely? Why KYC and AML norms are followed by all banks and housing finance companies? Know more about KYC, anti-money laundering procedures and many other processes followed by banks and housing finance companies to know their customers better.
All clients are required to provide up-to-date identification details and apprise the company in any changes or modification. The Client must hand over current the following identification information, complete name, current residence, a document or proof of previous, history of online transaction and e-mail address.
The document discusses Know Your Customer (KYC) norms for banks in India. It provides a history and overview of KYC guidelines, which were introduced to prevent money laundering and terrorist financing. The main points are:
1. KYC norms require banks to verify customers' identities and addresses when opening accounts by collecting documents like identity proofs and address proofs.
2. Guidelines were first introduced in the US after 9/11 and then adopted by India's RBI in 2002 for new accounts and 2004 for existing accounts.
3. Banks must establish customer identification procedures, monitor transactions, implement risk management practices, and comply with KYC guidelines to prevent misuse of banking activities. Regular audits
Travel fraud kyc as fraud tool masha cilliers 210217Masha Cilliers
Leveraging KYC and Authentication technology for fighting fraud - fraud management techniques for retailers, airlines, online travel agents, hotels and other merchants. Looking at the tools and how they can fit with fraud management strategy.
Temaswiss' Integrated Key Risk Controls (IKRC) best-practice design for Commercial Banking KYC and AML Transactions Monitoring.
- Commoditised Consulting & FSI Advisory packages.
- Tailored to your data & process realities.
- Budget- & Time-bound.
Vskills certification in KYC (Know Your Customer) and Anti Money Laundering Operation, is one of the first certifications in this area of banking sector. A Vskills Certified AML/KYC Officer finds employment in banking and banking ancillary firms, security and audit firms, and other small and medium enterprises.
http://www.vskills.in/certification/Certified-AML-KYC-Compliance-Officer
Introduction to Know Your Customer (KYC)LoanXpress
KYC (Know Your Customer) is a process financial institutions use to verify customer identity and reduce risks. It involves obtaining and periodically updating customer identification and address information. KYC aims to prevent identity theft, financial fraud, money laundering and terrorist financing. Banks must perform KYC at account opening and in other instances such as loans or changes to signatories. KYC documentation includes identity documents like a passport and address proofs. Financial institutions must also monitor customer transactions for consistency with the customer's profile and peer activities.
KYC guidelines require financial institutions to verify customer identities and monitor transactions to prevent money laundering, terrorist financing, identity theft and other illegal activities. The RBI's KYC guidelines include having a customer acceptance policy, customer identification procedures, monitoring high-value and suspicious transactions, and implementing risk management practices. Financial institutions must know their customers to comply with KYC regulations and protect themselves from illegal activities.
KYC, or Know Your Customer, is a process where banks obtain details about a customer's identity and address. This helps ensure that bank services are not being misused, and enables banks to understand customer transactions and manage risks like money laundering and terrorism financing. As part of KYC, banks must periodically update customer details. KYC helps prevent identity theft, financial fraud, money laundering and terrorist financing. Banks must perform KYC when opening accounts, issuing loans or credit cards, and in other instances to obtain additional customer information.
This document is a credit card statement for Ian Malcolm Cameron summarizing activity from February 13 to March 12, 2018. It shows a new balance of $199.42, minimum payment due of $10 by April 2, 2018. It lists recent transactions, available credit limits, payment options, and tips for protecting personal information. The statement also provides an estimate of how long it will take to pay off the balance if only minimum payments are made each month.
Unit 1.3 SMBL Products and Services (Islamic)Asad Hameed
This document provides information on various Islamic banking products offered by Summit Bank including liability products like current accounts, savings accounts, and certificates, and asset products like murabaha, ijara, and diminishing musharakah. For each product, the document outlines the underlying Shariah contract, key features, and steps in documentation. It also provides dos and don'ts for proper implementation of the products in accordance with Shariah principles.
This document provides guidance on customer due diligence processes that banks should follow. It discusses collecting customer identification information, beneficial ownership information, transaction monitoring, developing customer acceptance policies based on risk factors, key documents to collect when opening new accounts, due diligence checks for loan accounts, important points to verify for loan security property, project information verification, and post-sanction monitoring requirements. The document aims to help banks strengthen know-your-customer practices and manage risks from customers.
Opening an account with a bank creates relationship between the bank and the account holder. Anyone who can enter into a contract can open an account. Even minors can open account jointly with their guardians. Individuals, sole proprietors, partnerships, Hindu Undivided Family (HUF), trusts, associations and Limited companies are some examples of those who can open an account with the bank. As per RBI guidelines an account can be opened only if the person wanting to open an account has an introducer. The guideline further suggests that the introduction should be by an existing customer, a respectable person of the local community, and another banker. The bank can insist on a photograph before opening the account except in cases of savings account where no cheque facility is provided, fixed and term deposit upto an amount of Rs 10,000, accounts like cash credit and overdrafts etc. and staff members. Apart from furnishing a proof of address banks can also insist on a declaration that he/she does not enjoy credit facilities from other banks.
The document discusses various departments and products of Askari Bank, including the cash, clearing, remittance, and account opening departments. It also outlines personal and commercial products like current accounts, term deposits, personal loans, and retirement plans. Finally, it introduces several specialized accounts tailored for seniors, minors, low-income individuals, and those seeking profit and loss sharing options.
The document discusses Know Your Customer (KYC) norms in India. It provides an overview of KYC, including what KYC is, its objectives, types of KYC like C-KYC and e-KYC, key requirements and criteria, documents required from customers, and risks of non-compliance. It also outlines the steps taken by the Reserve Bank of India to ensure proper implementation of KYC policies across banks and financial institutions in India.
The document provides an overview of various types of bank deposits including individual accounts, joint accounts, accounts for sole proprietorships, partnerships, limited companies, clubs, trusts, and more. It discusses the key documents and information required for opening different types of accounts. It also covers topics like interest payment processes, nominee facilities, and procedures regarding deceased account holders.
Money Laundering by Vivek Singh,Aryan CollegeAryan Ajmer
Money laundering involves criminals disguising illegally obtained money to make it appear legitimate. There are three stages to the money laundering process: placement, layering, and integration. Placement involves getting illicit cash into the financial system. Layering follows, moving funds between institutions to obscure the audit trail. Integration makes the funds appear legitimate by investing them into front companies. Money laundering undermines economies by diverting capital away from development and depressing growth. Anti-money laundering regulations and programs aim to stop these illegal activities.
This document outlines the KYC/AML/CFT policy of a bank. It discusses key aspects like money laundering definitions, obligations under relevant acts, customer due diligence procedures, risk categorization of customers, identification of suspicious transactions, and reporting requirements. The objective is to prevent criminal activities like money laundering and terrorist financing through proper monitoring and compliance with regulatory guidelines.
This presentation discusses Know Your Customer (KYC) norms and procedures. It aims to understand the meaning of KYC, examine the forms used by banks, analyze the core elements of KYC and when it is required. It also highlights the advantages of KYC in preventing money laundering, identity theft, and financial crimes while enabling banks to better understand customers. The presentation covers the stages of money laundering, risks to banks, and the importance of customer due diligence, identifying suspicious transactions, and complying with laws to prevent money laundering.
This document discusses Know Your Customer (KYC) guidelines for banks in India. It explains that KYC allows banks to properly identify customers and understand their financial transactions. The objectives of KYC are positive customer identification and safeguarding customer money. KYC applies when opening new accounts, changing account details, or conducting high-value transactions. Customers must provide photo ID, proof of identity, and proof of address, such as a passport, driver's license, or utility bills. Small deposit accounts have simplified KYC norms but still require identity verification. Relationship managers assist customers with KYC processes. Money laundering involves disguising illegally obtained money, and banks must properly identify customers to prevent this crime.
KYC, or Know Your Customer, refers to banks obtaining and verifying key information about customers. This includes their identity, address, and occupation. The KYC process helps prevent money laundering and terrorism financing. It involves filling out a KYC form and providing identity documents like a PAN card and address proof. Key elements of KYC policies include customer acceptance criteria, customer identification procedures, monitoring transactions, and managing risks. Effective KYC implementation and monitoring of high-risk accounts is important.
Know More About KYC and Money Laundering Procedure by DHFLDHFL
Do you understand KYC and Anti money laundering procedures completely? Why KYC and AML norms are followed by all banks and housing finance companies? Know more about KYC, anti-money laundering procedures and many other processes followed by banks and housing finance companies to know their customers better.
All clients are required to provide up-to-date identification details and apprise the company in any changes or modification. The Client must hand over current the following identification information, complete name, current residence, a document or proof of previous, history of online transaction and e-mail address.
The document discusses Know Your Customer (KYC) norms for banks in India. It provides a history and overview of KYC guidelines, which were introduced to prevent money laundering and terrorist financing. The main points are:
1. KYC norms require banks to verify customers' identities and addresses when opening accounts by collecting documents like identity proofs and address proofs.
2. Guidelines were first introduced in the US after 9/11 and then adopted by India's RBI in 2002 for new accounts and 2004 for existing accounts.
3. Banks must establish customer identification procedures, monitor transactions, implement risk management practices, and comply with KYC guidelines to prevent misuse of banking activities. Regular audits
Travel fraud kyc as fraud tool masha cilliers 210217Masha Cilliers
Leveraging KYC and Authentication technology for fighting fraud - fraud management techniques for retailers, airlines, online travel agents, hotels and other merchants. Looking at the tools and how they can fit with fraud management strategy.
Temaswiss' Integrated Key Risk Controls (IKRC) best-practice design for Commercial Banking KYC and AML Transactions Monitoring.
- Commoditised Consulting & FSI Advisory packages.
- Tailored to your data & process realities.
- Budget- & Time-bound.
Vskills certification in KYC (Know Your Customer) and Anti Money Laundering Operation, is one of the first certifications in this area of banking sector. A Vskills Certified AML/KYC Officer finds employment in banking and banking ancillary firms, security and audit firms, and other small and medium enterprises.
http://www.vskills.in/certification/Certified-AML-KYC-Compliance-Officer
Introduction to Know Your Customer (KYC)LoanXpress
KYC (Know Your Customer) is a process financial institutions use to verify customer identity and reduce risks. It involves obtaining and periodically updating customer identification and address information. KYC aims to prevent identity theft, financial fraud, money laundering and terrorist financing. Banks must perform KYC at account opening and in other instances such as loans or changes to signatories. KYC documentation includes identity documents like a passport and address proofs. Financial institutions must also monitor customer transactions for consistency with the customer's profile and peer activities.
KYC guidelines require financial institutions to verify customer identities and monitor transactions to prevent money laundering, terrorist financing, identity theft and other illegal activities. The RBI's KYC guidelines include having a customer acceptance policy, customer identification procedures, monitoring high-value and suspicious transactions, and implementing risk management practices. Financial institutions must know their customers to comply with KYC regulations and protect themselves from illegal activities.
KYC, or Know Your Customer, is a process where banks obtain details about a customer's identity and address. This helps ensure that bank services are not being misused, and enables banks to understand customer transactions and manage risks like money laundering and terrorism financing. As part of KYC, banks must periodically update customer details. KYC helps prevent identity theft, financial fraud, money laundering and terrorist financing. Banks must perform KYC when opening accounts, issuing loans or credit cards, and in other instances to obtain additional customer information.
This document is a credit card statement for Ian Malcolm Cameron summarizing activity from February 13 to March 12, 2018. It shows a new balance of $199.42, minimum payment due of $10 by April 2, 2018. It lists recent transactions, available credit limits, payment options, and tips for protecting personal information. The statement also provides an estimate of how long it will take to pay off the balance if only minimum payments are made each month.
Unit 1.3 SMBL Products and Services (Islamic)Asad Hameed
This document provides information on various Islamic banking products offered by Summit Bank including liability products like current accounts, savings accounts, and certificates, and asset products like murabaha, ijara, and diminishing musharakah. For each product, the document outlines the underlying Shariah contract, key features, and steps in documentation. It also provides dos and don'ts for proper implementation of the products in accordance with Shariah principles.
This document provides guidance on customer due diligence processes that banks should follow. It discusses collecting customer identification information, beneficial ownership information, transaction monitoring, developing customer acceptance policies based on risk factors, key documents to collect when opening new accounts, due diligence checks for loan accounts, important points to verify for loan security property, project information verification, and post-sanction monitoring requirements. The document aims to help banks strengthen know-your-customer practices and manage risks from customers.
Opening an account with a bank creates relationship between the bank and the account holder. Anyone who can enter into a contract can open an account. Even minors can open account jointly with their guardians. Individuals, sole proprietors, partnerships, Hindu Undivided Family (HUF), trusts, associations and Limited companies are some examples of those who can open an account with the bank. As per RBI guidelines an account can be opened only if the person wanting to open an account has an introducer. The guideline further suggests that the introduction should be by an existing customer, a respectable person of the local community, and another banker. The bank can insist on a photograph before opening the account except in cases of savings account where no cheque facility is provided, fixed and term deposit upto an amount of Rs 10,000, accounts like cash credit and overdrafts etc. and staff members. Apart from furnishing a proof of address banks can also insist on a declaration that he/she does not enjoy credit facilities from other banks.
The document discusses various departments and products of Askari Bank, including the cash, clearing, remittance, and account opening departments. It also outlines personal and commercial products like current accounts, term deposits, personal loans, and retirement plans. Finally, it introduces several specialized accounts tailored for seniors, minors, low-income individuals, and those seeking profit and loss sharing options.
The document discusses Know Your Customer (KYC) norms in India. It provides an overview of KYC, including what KYC is, its objectives, types of KYC like C-KYC and e-KYC, key requirements and criteria, documents required from customers, and risks of non-compliance. It also outlines the steps taken by the Reserve Bank of India to ensure proper implementation of KYC policies across banks and financial institutions in India.
The document provides an overview of various types of bank deposits including individual accounts, joint accounts, accounts for sole proprietorships, partnerships, limited companies, clubs, trusts, and more. It discusses the key documents and information required for opening different types of accounts. It also covers topics like interest payment processes, nominee facilities, and procedures regarding deceased account holders.
Money Laundering by Vivek Singh,Aryan CollegeAryan Ajmer
Money laundering involves criminals disguising illegally obtained money to make it appear legitimate. There are three stages to the money laundering process: placement, layering, and integration. Placement involves getting illicit cash into the financial system. Layering follows, moving funds between institutions to obscure the audit trail. Integration makes the funds appear legitimate by investing them into front companies. Money laundering undermines economies by diverting capital away from development and depressing growth. Anti-money laundering regulations and programs aim to stop these illegal activities.
Money laundering involves disguising illegally obtained money to make it appear legitimate. It is a major global problem, representing up to 5% of global GDP. Laws against money laundering help combat corruption by making it riskier for corrupt officials to hide bribes and illicit funds. While anti-money laundering efforts have increased international cooperation and transparency, challenges remain such as building legal capacity and tracing complex financial transactions across borders. Strong anti-money laundering regulations and law enforcement are needed to curb corruption and criminal activities.
Money laundering is the process of making illegally obtained money appear legal. This document discusses how criminals first place illegal funds into the financial system through various techniques like structuring deposits to avoid reporting requirements, using alternative remittance systems, or purchasing assets or insurance policies. It then explains how launderers further layer the funds by moving them through many transactions to obscure their source and make the money harder to trace back to criminal activity. Kenya's new anti-money laundering law aims to regulate these processes but questions remain over successful implementation.
This is my presentation about what is money laundering crime and what is the role of financial institutions in the fight against it. I used it during my speech for a bunch of Business School Students (ISM).
Aptech maliviya nagar is the best IT training institute in DelhiMCM Infotech
Aptech Malviya Nagar introduces 6 Weeks IT Summer Training program for the young and bright candidates like you who wants to develop and enhance their skills and gain relevant industrial experience to take their career to the next level.
Heather Dennis has written a book paired with a compilation CD to showcase reggae artists and help them gain exposure. Many of the artists featured in the book have faced challenges but continue making music. The book introduces readers to the artists and their personal stories beyond their music in order to make a connection. Heather wrote the book to honor her Jamaican heritage and culture, and reggae music's ability to inspire and bring people together from its origins in Jamaica. She is a business graduate and stay at home mom who also founded a charity to help those in need through supporting causes around children, the elderly, education, and health.
CHRISTIAN SUPERNATURAL TEACHINGS, BIBLE CLASS LESSONS, GOSPELS BY LEADER OLUMBA OLUMBA OBU, THE SUPERNATURAL TEACHER AND SOLE SPIRITUAL HEAD, BROTHERHOOD OF THE CROSS AND STAR
The London Proms has a long history of featuring new works for flute as a solo instrument. This article summarizes 27 works composed since 1895 that have been performed at the Proms, with details on the timing of world premieres and Proms performances. It also discusses the various directors of the Proms and their approaches to programming new flute works over the decades.
No seatbealts = 8x chances of getting killedPODIS Ltd
Drivers and passengers are around 8 times more likely to be killed in a road crash if they are not wearing a seatbelt. (Source: Department of Transport and Main Roads, Queensland)
The PODIS Automatic Crash Notification system reduces road fatalities by minimising the time that first responders are on site.
PODIS: A cloud-based, white-label solution, available globally.
For more information, contact info (at) podis (dot) uk
La Unión Europea ha acordado un embargo petrolero contra Rusia en respuesta a la invasión de Ucrania. El embargo prohibirá la mayoría de las importaciones de petróleo ruso a la UE y se implementará de manera gradual durante los próximos seis meses. Esta medida tiene como objetivo aumentar la presión económica sobre Rusia y privar al país de una importante fuente de ingresos.
We have all seen them, most of us have probably worked for them at times, leaders or organisations that are incapable of saying “Sorry, we got it wrong”. A close second is the highly qualified carefully presented half apology “We may have got it a little bit wrong but it really wasn’t our fault, but hey if it helps our position then we are a little bit sorry”.
Whether you are a leader or an organisation there are times when a real apology is essential. All too often this can be delayed for reasons of ego, legal worries or concerns about perception, but often the lack of apology or delay is far more damaging than coming out and admitting you got it wrong, maybe very wrong. So what are the benefits of coming out quickly and publicly and admitting “Sorry we were wrong” or “Sorry I was wrong”?
http://www.workinconfidence.com
The story introduces a magic stone on a distant mountainous island that is watched over by the Sun, Moon, and Wind. One day, the Wind blows gently over the stone, shaping it into the form of a monkey. Over time, the stone monkey comes to life and lives among the other animals on the island.
The document discusses automation and trends in automation. It provides details about Vinit Vivek such as his name, email, university and area of study. It then discusses how automation uses control systems to operate machinery with minimal human intervention. It notes the benefits of automation in saving labor, energy and improving quality. Finally, it discusses trends in automation like industry 4.0, the internet of things, big data and how industry 4.0 will impact the industry value chain, machine safety, socio-economics and quality of workers.
The document discusses regulations from the State Bank of Pakistan regarding know your customer (KYC) procedures and anti-money laundering efforts for commercial banks. It defines money laundering and outlines its harmful effects. It also describes the international standards and classifications for assessing money laundering risks across countries. Further, it explains the three stages of money laundering (placement, layering, integration) and lists documents required for opening and monitoring various types of bank accounts to comply with KYC and anti-money laundering regulations.
bank accounts maintained by the business enterprise.pptxJennifer911572
Here are sample deposit and withdrawal slips that I designed based on my knowledge of basic banking documents:
[SAMPLE DEPOSIT SLIP]
ABC Bank
Main Street, Manila
Date: __________
Account No.: __________
Cash $________
Checks $________
Total $________
_________________________
Depositor's Signature
[SAMPLE WITHDRAWAL SLIP]
ABC Bank
Main Street, Manila
Date: __________
Account No.: __________
Cash Requested $________
_________________________
Account Holder's Signature
This document summarizes current trends on KYC regulations:
1. It discusses risk-based and tiered customer identification systems that categorize customers as low, normal, or high risk and require different levels of due diligence.
2. International wire transfers and ensuring KYC is properly performed through documentation are also covered.
3. Enforcement actions taken by regulators are mentioned as well to ensure compliance with KYC regulations.
The document discusses anti-money laundering regulations and compliance obligations for financial institutions in India. It covers key topics like the legal framework for AML consisting of the Prevention of Money Laundering Act 2002 and various rules. It describes money laundering processes and the obligations of reporting entities under the act including customer due diligence, record keeping, reporting cash and suspicious transactions to regulators. Global penalties for AML violations in 2021 include a $700 million fine for AmBank in Malaysia and $390 million for Capital One in the US. In India, the number of financial institutions penalized for AML/KYC violations nearly doubled in 2021-22 compared to the previous year.
The document provides guidance for cashiers and supervisors at money services businesses on reporting suspicious transactions. It outlines procedures for cashiers to report suspicious activity to supervisors and the types of information supervisors should collect and provide to the compliance department to file a Suspicious Activity Report if needed. It also summarizes requirements for money transmitters to verify customer identities and record transactions over $3,000.
This document summarizes the key terms and conditions for deposit accounts at State Bank of India's New York branch. It outlines the process for establishing different types of accounts, including individual, joint, minor, corporate and partnership accounts. It provides details on required documentation, authorized signatories, account operations and applicable fees. The document is intended to help customers understand account options, terms and bank policies and procedures.
This document provides information about managing your credit, including understanding credit reports, credit scores, dealing with collection agencies, and preventing identity theft. It discusses reviewing credit reports at least annually, what is included in credit reports, how long different information stays on reports, and tips for interpreting credit scores. The document offers advice on shopping for credit in sprees, keeping old accounts open, saying no to store credit cards, and paying down debt rather than transferring balances. It also provides information on annualcreditreport.com, placing fraud alerts, and sample letters for managing credit issues.
This document discusses money laundering and provides guidance for preventing it. It defines money laundering and its purpose of concealing illegal proceeds. It requires money services businesses to establish anti-money laundering compliance programs with specific components. It also stresses the importance of strict customer identification policies and filing suspicious activity reports. The document then describes two successful operations, Polar Cap and C-Chase, that disrupted money laundering rings through coordinated law enforcement efforts and suspicious activity reporting. It concludes by discussing the Bank of Credit and Commerce International money laundering scandal and Operation Green Ice, an international sting operation against drug cartels.
The document discusses money laundering prevention. It outlines the objectives of increasing awareness of anti-money laundering responsibilities and regulations. Non-compliance can result in penalties like imprisonment, fines, license revocation and more. Key aspects of money laundering prevention covered include know-your-customer procedures, suspicious transaction reporting, and the importance of monitoring transactions for consistency with customer profiles.
This document provides an overview of anti-money laundering (AML) practices. It discusses the stages of money laundering, including placement, layering, and integration. It covers key AML concepts like know-your-customer procedures, suspicious activity reporting, and the role of regulatory bodies like the Financial Action Task Force in establishing international AML standards. The document is intended to help participants understand AML definitions, pillars, risks, and compliance responsibilities.
Internal control over cash and peety cashJemalSeid25
This document provides an overview of internal controls and cash management. It defines internal control as a system established by a company to safeguard assets and ensure accurate accounting records. The key principles of internal control are segregation of duties, documentation of procedures, and independent verification. Controls over cash receipts and disbursements are also discussed, along with bank reconciliation and cash reporting.
This document discusses various topics related to cash handling and accounting. It defines different forms of business organization, types of businesses, and types of cash. It also describes cash accounts, bank products, government securities, and ratios used for cash flow analysis. The document outlines functions and positions involved in cash handling, including collectors, cashiers, accountants, and internal auditors. It provides policies and procedures for cash management.
Weygandt kieso kimmel_ch08_fraud_internal control and cashTanjina Rahman
The document discusses internal controls over cash, including defining fraud and internal controls, principles of internal controls, and applications of internal controls to cash receipts and disbursements. It describes operating a petty cash fund and control features of a bank account, and explains reporting cash.
(1) The document outlines an anti-money laundering policy and client questionnaire for Altos Escondidos, SA. It details requirements for verifying client identity, monitoring transactions, and reporting suspicious activity in accordance with anti-money laundering laws and regulations.
(2) Officers must use documentary and non-documentary methods to verify client identity and understand the source of funds. They must monitor for suspicious transactions like unusual secrecy, unexplained transfers between unaffiliated parties, and activity inconsistent with the client's profile.
(3) Any potential money laundering or terrorist activity must be reported to senior management and regulators. Thorough record keeping of client information and due diligence is also required to facilitate law
This document summarizes the Prevention of Money Laundering Act of 2002 in India. It defines money laundering and outlines the key stages of money laundering. It also discusses how money laundering methods have evolved over time from bank-centered techniques to using new payment systems and non-profit organizations. The Act established obligations for banks, financial institutions, and intermediaries to maintain records and report suspicious transactions to combat money laundering. It requires reporting entities to appoint a Principal Officer and verify customer identity.
The document discusses anti-money laundering and know your customer (KYC) procedures. It describes the three stages of money laundering - placement, layering, and integration. It outlines red flags such as high value withdrawals soon after investment or unusual sources/destinations of funds. It emphasizes the importance of reporting suspicious transactions and not tipping off customers. The document also discusses KYC procedures like verifying customer identity and address and understanding their needs and expected business.
In today's uncertain economy with ever rising interest rates, many small businesses with limited financial training are having problems staying alive, let alone prospering. In fact, 63% of new businesses don't survive a live six years -- and most work-at-home people fail within 6 months!
This document provides tips for effectively managing cash flow for a home-based business. It discusses collecting payments from customers as quickly as possible while paying bills as late as allowed. Specific recommendations include depositing checks daily for faster availability, following up promptly on late payments, and using credit cards to extend the time between purchases and payments. The document also advises minimizing inventory to convert it quickly to cash and using continuity sales to ensure future cash flow through recurring service contracts.
Similar to Anti-Money Laundering policy guidelines (20)
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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Table of Contents
Anti-Money Laundering policy guidelines ����������������������������������������������������� 3
Money laundering – Defined ���������������������������������������������������������������������������������������������������������� 3
Suspicious activity – Defined �������������������������������������������������������������������������������������������������������� 3
Suspicious activity – Commercial accounts ��������������������������������������������������������������������������� 3
Suspicious activity – Consumer accounts ������������������������������������������������������������������������������� 4
Enhanced Due Diligence for new accounts ����������������������������������������������������������������������������� 4
Minimum identification requirements – Commercial accounts �������������������������������������� 4
Minimum identification requirements – Consumer, business or corporation ����������� 5
Enhanced Due Diligence – Other factors ��������������������������������������������������������������������������������� 5
Dollar limits for filing a SAR ������������������������������������������������������������������������������������������������������������� 5
Procedures for detecting money laundering �������������������������������������������������������������������������� 6
Identification of high-risk accounts �������������������������������������������������������������������������������������������� 6
Procedures for monitoring compliance with this policy ����������������������������������������������������� 6
BSA Officer training �������������������������������������������������������������������������������������������������������������������������� 6
Sample of a Suspicious Activity Tracking Report ��������������������������������������� 7
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Anti-Money Laundering policy guidelines
Without the proper anti-money laundering (AML) compliance procedures, banks and other financial institutions are in
danger of inadvertently facilitating drug trafficking, terrorism financing and other crimes. Financial institutions can be
prosecuted for failing to have effective AML policies in place. This document provides an example of guidelines that
can be used to create a due diligence program that detects potential money launderers within your customer base. In
addition, the sample policy below is compliant with the USA PATRIOT Act and other similar legislation:
The institution’s management will actively search for suspicious activity. When it is discovered, a representative officer
will review it and make a recommendation as to whether a Suspicious Activity Report (SAR) should be filed.
A guideline for SAR reporting is that the assigned officer will usually have ten (10) business days to conduct the review
and make his or her recommendation. Check the bank’s SAR form for specific instructions. All recommendations will
be made in writing and forwarded to the Bank Secrecy Act (BSA) Officer. The BSA Officer is responsible for reviewing
the investigating officer’s recommendation and determining if an SAR should be filed.
The BSA Officer will file the SAR with the appropriate legal and regulatory authorities. All supporting evidence for the
SAR will be maintained for a minimum of five (5) years, and will be securely stored. The BSA Officer will report to the
board of directors the number of SARs filed each month, along with a brief summary as to the dollar amount of the
suspicious activities and why they were deemed as such.
Money laundering – Defined
1. It is the introduction of illegally obtained currency into the banking system.
2. It is using the banking system to illegally hide currency that was lawfully obtained. It is not hard for criminals to
obtain currency. However, until the currency is deposited into the financial system, their ability to utilize it is
restricted. When financial institutions knowingly accept the cash deposits of criminals, they legitimize (or launder)
the proceeds. Accordingly, criminals must do business with banks. Those that offer Business Internet Banking
services must be diligent in detecting and reporting suspicious activity.
Suspicious activity – Defined
It is impossible for management to define all activity that would qualify as suspicious. However, the following guidelines
quantify the types of suspicious activities that the institution will monitor for.
Suspicious activity – Commercial accounts
1. One or more cash deposits a week that is structured to avoid currency transaction reporting (CTR). (Note:
Structuring involves the repeated depositing or withdrawal of amounts of cash less than the $10,000 limit, or
the splitting of a cash transaction that exceeds $10,000 into smaller cash transactions in an effort to avoid the
reporting requirements.)
2. Two or more instances a week where a customer makes two or more cash deposits on the same day, and the total
of the deposits is between $5,000 and $8,000.
3. One or more instances a week where a customer has made cash deposits to two or more related accounts, and
the total of the deposits is between $5,000 and $10,000.
4. Cash deposits that are over $10,000, and that are 25% greater than the customer’s second highest cash deposit.
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5. Cash deposits that are over $10,000, and that are 150% of the customer’s average cash deposits
(ignoring inconsequential deposits that are below $3,000).
6. Cash withdrawals of more than $5,000, unless the withdrawal is made for payroll purposes.
7. Deposits or more than $3,000, made in traveler’s checks or money orders.
8. Single purchase with cash of cashier’s checks, traveler’s checks or money orders for more than $5,000.
9. Purchase of a CD with cash for more than $5,000.
10. Deposits of more than $5,000 in a week, made primarily from wire transfers.
11. Check cashing customers, whose deposits of checks exceed by 50% the amount of cash they withdraw.
12. Two or more instances a week where small bills ($1, $5, $10, $20) or exchanged for large bills ($50, $100),
in excess of $3,000.
Suspicious activity – Consumer accounts
1. Two or more deposits made during a week where the total amount of the deposits is greater than $5,000.
2. Two or more deposits made during a month where the total amount of the deposits is greater than $10,000.
3. Two or more cash deposits made during a quarter where the total amount of the deposits is more than $18,000.
4. Any cash deposit between $8,000 and $10,000.
5. Any cash deposit where the currency has a noticeable mildew aroma. Likewise, any cash deposit where the
currency has an aroma that could be drug-related (e.g., alcohol, cannabis or an unidentifiable sweet smell).
6. One or more cash withdrawals during a month where the total amount is equal or above $5,000.
7. Deposits equal or above $3,000 in a day, made in traveler’s checks or money orders.
8. Purchase with cash of cashier’s checks, traveler’s checks or money orders for $3,000 or more.
9. Purchase with cash of a CD for $3,000 or more.
Enhanced Due Diligence for new accounts
Oneofthebestwaystoavoidbeinganunknowingaccomplicetomoneylaunderersistoproperlyidentifynewcustomers
when their account is opened. Accordingly, the minimum identification requirements for opening a new account are
listed below. If a customer refuses or is unable to provide the requested information within ten (10) business days of
opening his or her account, the account should be closed.
Minimum identification requirements – Commercial accounts
1. Articles of Incorporation.
2. Board resolution authorizing the opening of the new account.
3. Letter of reference from prior bank (unless the company is newly formed).
4. Credit history for the company (unless the company is newly formed).
5. Most recent balance sheet and income statement (unless the company is newly formed; can be waived if
customer has an existing relationship with the bank).
6. Last three bank statements (unless the company is newly formed; can be waived if customer has an existing
relationship with the bank).
7. Identification of beneficial owners that hold over 10% of shares.
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Minimum identification requirements – Consumer, business or corporation
According to the Customer Identification Program (CIP) rule, a minimum of four data items is required for all new
accounts. These are:
1. Name
2. Date of birth (for an individual)
3. Address (physical home or business address, no P.O. boxes)
4. Tax Identification Number (TIN)
a. For individuals: Social Security Number (SSN). For non-U.S. citizens, one of the following is acceptable:
i. Passport number and country of issuance.
ii. Alien identification card number.
iii. Number and country of issuance of any other government-issued document bearing a photograph.
b. For businesses: Employer Identification Number (EIN) or tax identifier for the business (TIN).
Enhanced Due Diligence – Other factors
1. New customers are expected to live or work near an office of the institution. Customers that don’t meet the
residency requirement will be asked to explain why they chose the particular institution. Failure to provide a
sufficient explanation will be grounds for denying the account.
2. Customers that open a new account with $5,000 or more in cash will be asked to substantiate the legitimacy of the
funds. If the customer can’t provide sufficient proof (e.g., a payroll stub, a withdrawal receipt from another bank)
the account will not be opened.
3. Customers that asked to visit their safe deposit box just prior to making deposits of $3,000 or more in a day, or
$5,000 or more in a week, will be asked to substantiate the legitimacy of the funds. If the customer can’t provide
sufficient proof, the account will be closed.
4. Customers that asked to be excluded from CTR reporting will be reported to FinCen via a SAR. Also, their account
will be closed.
5. Customers that refuse to provide the necessary information for filing a CTR will be reported to FinCen via a SAR.
Also, their account will be closed.
Dollar limits for filing a SAR
The following guidelines will be used in determining when to file a SAR:
1. Suspected insider abuse – Report any amount.
2. Suspicious transactions where the institution has identified a suspect – Report if amount equals
or exceeds $5,000.
3. Suspicious transactions where the institution has not identified a suspect – Report if amount equals
or exceeds $25,000.
4. Known violations of the Bank Secrecy Act – Report if amount equals or exceeds $5,000. The BSA Officer will file
SARs for amounts less than those specified above, if he or she has reason to believe the transaction is tied to an
illegal activity.
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Procedures for detecting money laundering
The institution must employ an automated system for AML detection that will enable it to detect most instances of
money laundering. The BSA Officer will print and maintain reports produced by the system to substantiate his opinion
that specific activity is, or is not, suspicious.
In addition to using the system, all employees will receive training once a year on how to identify money laundering
operations. (New employees that have direct contact with customers will receive initial training within the first four weeks
ofemployment.)Asapartofthetraining,eachTellerandNewAccountsRepresentativewillbegivenalaminatedcardthat
identifieswaystodetectandpreventmoneylaundering. Replacement cardswill beavailablefromtheBSA Officer.
Identification of high-risk accounts
Certain types of businesses are more likely to be involved with money laundering. Accordingly, all businesses that are
classified as one of the following will receive increased scrutiny from the BSA Officer:
1. Check cashing
2. Currency dealer or exchanger
3. Convenience stores that sell traveler’s checks and/or money orders
4. Adult book stores
5. Adult entertainment clubs
6. Used car or motorcycle dealers that finance their own sales
7. Used boat dealers that finance their own sales
8. Movie theaters
9. Liquor stores
10. Apartment houses
11. Hotels
Procedures for monitoring compliance with this policy
A minimum of once a year, the institution’s internal auditor or an independent third party will review the BSA Officer’s
suspicious activity file. The auditor will ensure that all identified suspicious activity was reviewed and appropriately
handled. The auditor will also use the Cash Transaction Monitor System to search for suspicious activity that the BSA
Officer may have missed.
BSA Officer training
The BSA Officer will be allowed to attend two (2) one-day training classes per year. He or she will get to choose the
training. The BSA Officer will also be allowed to subscribe to a BSA newsletter service.
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Sample of a Suspicious Activity Tracking Report
To (bank officer name goes here):
The following customer has been identified by the bank’s compliance system as possibly being involved
in suspicious activity.
Customer name:
Customer account number:
You are the loan officer, account manager or branch manager assigned to work with this customer. The Compliance
Department is requesting information from you in order to conduct an investigation into this customer.
This form must be completed and returned to the bank’s BSA Officer by _____________.
Please answer the following questions for this customer. If necessary, you may contact the customer. However, under
no circumstances are you to tell the customer his or her transaction(s) are being investigated for suspicious activity.
1. Please attach a written summary that describes the circumstances that resulted in this customer having the
following transaction(s).
_
_
_
_
_
2. Does the institution have another customer in this same business that has conducted comparable transactions?
Yes: _____ No: _____
3. If Yes, please identify.
Name:
Account number:
Note: Please be advised that “willful blindness” by an officer responsible for monitoring money laundering activities is a
crime under 18 U.S.C. 1956 1957, punishable by fines of up to $500,000 and incarceration of up to five years.