Bank secrecy act Flashcards
1
Q
What other acts does this one also include
A
USA patriot act and anti money laundering act
2
Q
What is the purpose of USA patriot act
A
Used to stop the use of money laundering for terrorist funding
3
Q
Who enforces?
A
Financial crimes enforcement network
4
Q
Failure to comply fine
A
1 million
5
Q
How long do you keep records?
A
5 years
6
Q
What is SAR?
A
Suspicious activity report - report you can submit to FinCen if you think there is suspicious activity going on with your transaction or client
7
Q
Where is terrorist list checking done through?
A
Office of Foreign Assets Control
8
Q
What is the FTC disposal rule
A
burn , shred, pulverize it, have safe storage practices
