Financial Crimes Flashcards
CTR
- currency transaction reports
- all financial institutions must file a CTR for transactions over 10k
how long do you have to file a CTR?
- 15 days
how long do financial institutions need to retain copies of CTR for?
- 5 years
CMIR
- currency and monetary instruments reporting
- physical transport of monetary instruments in or out of the country over 10k (10,000.01), at one time.
who is anyone?
- federal reserve
- banks that ship through us postal service
- commercial banks or trust companies
- non usc who mails abroad to a bank through US postal service
- common carriers of passengers
- person in possession of an endorsed travelers check
- person engaged in the overland shipment of currency or monetary instruments.
who is the transporter?
- the person who physically transports or directs someone to transport monetary instruments across the border for you.
is a wire transfer considered a transport?
- NO!!
*****MONETARY INSTRUMENTS ARE:
- currency
- negotiable instruments in bearer form (ex: check signed in back made out to cash or blank payee)
- travelers checks in any form
- securities or stock in bearer form where title passes upon delivery.
examples of monetary instruments:
- us currency
- rupees
non monetary instruments:
- any gold items
- soviet rubles
- south african gold rands
- german marks
definition of “at one time”:
1) one trip with over 10k
2) multiple trips over a 24 hour period with total money over 10k
3) multiple days of bringing cash across the border for the purpose of evading reporting requirements.
BSA intelligence obtained from FinCEN reports should/should not be placed in ROI’s?
- should NOT
FinCEN
- financial crimes enforcement network
BSA
- bank secrecy act
seizures for failure to report:
- forfeiture of money physically transported
- forfeiture of property involved in the currency reporting violation
- property used in any other way to facilitate the currency reporting violation.
bulk cash smuggling:
- transportation
- of monetary instruments over 10k
- into our out of the us
- KNOWINGLY CONCEALED
- with the intent to evade the CMIR reporting requirements.
bulk cash smuggling is similar to CMIR except that bulk cash smuggling dramatically increases _________
- criminal penalties
31 USC 5324 (a) - prohibited structuring (CTR)
- causing a financial institution to fail to file a CTR or to file an erroneous CTR
by:
- using false info to open bank accounts
- making multiple deposits under 10k to avoid reporting requirement
31 USC 5324 (c) - prohibited structuring (CMIR)
- to structure a currency transaction to evade CMIR requirement.
by:
- fail to file a CMIR or file erroneous CMIR
- causing another to fail to file or to file an erroneous CMIR (ex: making fedex ship money for you labeled as clothes)
