Bank Secrecy Act/anti-money laundering / Lilian B. Klein.

Format:

Book

Author/Creator:

Klein, Lilian B.

Language:

English

Subjects (All):

United States. Currency and Foreign Transactions Reporting Act.

United States.

Banks and banking--Records and correspondence--Law and legislation--United States.

Banks and banking.

Money laundering--United States--Prevention.

Money laundering.

Drug traffic--United States--Prevention.

Drug traffic.

Physical Description:

1 online resource (128 p.)

Edition:

1st ed.

Place of Publication:

New York : Nova Science Publishers, c2008.

Language Note:

English

Summary:

This work looks at how the Currency and Foreign Transactions Reporting Act, also known as the Bank Secrecy Act (BSA), is a tool the US government uses to fight drug trafficking, money laundering, and other crimes.

Contents:

Intro

BANK SECRECY ACT/ANTI-MONEY LAUNDERING

LIBRARY OF CONGRESS CATALOGING-IN-PUBLICATION DATA

CONTENTS

PREFACE

Chapter 1: INTRODUCTION

BACKGROUND

Chapter 2: OCC INITIATIVES

Chapter 3: PENALTIES

Chapter 4: ASSET FORFEITURE

Chapter 5: INTERNAL BSA COMPLIANCE PROGRAMS

Internal Controls

Independent Testing of Compliance

Compliance Officer

Training

Reporting Requirements

Record Keeping Requirements

Chapter 6: EXEMPTIONS FROM THE CTR FILING REQUIREMENTS

Chapter 7: SUSPICIOUS ACTIVITY REPORTING REQUIREMENTS

Chapter 8: OPENING AND MAINTAINING ACCOUNTS AND CUSTOMER RELATIONSHIPS

IDENTIFYING THE CUSTOMER

Chapter 9: HIGH-RISK AREAS

HIGH-RISK PRODUCTS AND SERVICES

International Correspondent Banking Relationships

Wire (Funds) Transfers

Pouch Activity

Payable through Accounts

International Brokered Deposits

Special Use Accounts

Private Banking

Foreign Branches and Offices of National Banks

Insider Complicity

High-Risk Entities

Businesses

Banking Functions and Transactions

High-Risk Countries

Chapter 10: COMMON MONEY LAUNDERING SCHEMES

STRUCTURING

THE BLACK MARKET PESO EXCHANGE

MEXICAN BANK DRAFTS AND FACTORED THIRD-PARTY CHECKS

Chapter 11: REPORTING TO TREASURY

BSA VIOLATIONS AND ENFORCEMENT

POLICY FOR REFERRING VIOLATIONS TO FINCEN

OCC POLICY FOR FILING SARS WITH FINCEN

OCC ADMINISTRATIVE ACTION

Chapter 12: THE OFFICE OF FOREIGN ASSETS CONTROL

Chapter 13: EXAMINATION PROCEDURES

GENERAL PROCEDURES

Objective

Chapter 14: QUALITY OF RISK MANAGEMENT

CONCLUSION: THE QUALITY OF RISK MANAGEMENT IS(STRONG, SATISFACTORY,WEAK)

Policy

Processes

Personnel

Controls

Chapter 15: QUANTITY OF RISK

CONCLUSION: THE QUANTITY OF RISK IS (LOW,MODERATE, HIGH).

Reporting, Record Keeping, and Record Retention

Exemptions

Sale of Monetary Instruments

Funds Transfer

Responsibilities of Originating Banks

Payable upon Proper Identification (PUPID)

Nonresident Alien Accounts and the Black Market Peso Exchange

Foreign Correspondent Banking

"Pouch" Activity

Mexican Bank Drafts

Payable through Accounts (PTAs)

Private Banking and Trust

Offshore Branches and Offices

OFAC

Lending Function

Safe Custody/Safe Deposit Boxes

Chapter 16: CONCLUSIONS

Appendix A. FINCEN POLICY STATEMENTS AND GUIDELINES

TWENTY-FIVE DAY EXTENSION FOR MAGNETIC FILING

MONETARY INSTRUMENTS FOR ACCOUNT HOLDERS

Appendix B. BANK SECRECY ACT DATABASES

CURRENCY AND BANKING RETRIEVAL SYSTEM

The Suspicious Activity Reporting System

Currency and Banking Query System (CBQS)

Assistance and Information

Appendix C. REFERRING BSA VIOLATIONS TO FINCEN

Content of Referral

Referral Process

Sample Cover Letter for Referring Potential BSA Violations to FinCEN

Appendix D. AVAILABILITY OF OFFICE OF FOREIGN ASSET CONTROL INFORMATION

Appendix E. BASLE SUPERVISORS' COMMITTEE STATEMENT OF PRINCIPLES ON MONEY LAUNDERING

STATEMENT OF PRINCIPLES

Purpose

Customer Identification

Compliance with Laws

Cooperation with Law Enforcement Authorities

Adherence to the Statement

REFERENCES

LAWS

REGULATIONS

OCC ISSUANCES

INDEX.

Notes:

Description based upon print version of record.

Includes bibliographical references and index.

Description based on print version record.

ISBN:

1-61668-043-1

OCLC:

923668227