Finicial Aspects of Crim Inv

Question 0

Epo 2 identify the 3 forms required to be filed to track the movement of currency & monetary instrument as prescribed by the Bank Secrecy Act, Compromise Crime Control Act of 1984, and the USA Patriot Act

Answer 0

1 Placement-process of placing illegally obtained funds into normal savings
2 Layering-process of moving funds thr various financial institutions and countries using multiple entities in order to make the tracing of flow more difficult
3 Integration-return of the funds to the perp of the criminal activity in a form to make it appear from legitimate source.

Question 1

EPo 1 identify 3 basic methods than be used by financial inv. to est a persons Finicial profile & explain source & application

Answer 1

Net worth of proof
Bank deposits method proof
Source and application of funds

Question 2

EPO 3 Explain the use of Title 18 USC $ 1956 and Title 18 USC $ 1957 as codified in the Money Laundering Control Act

Answer 2

are the statutes specifically targeting the laundering of criminal derived money 4 parts

Question 3

What are the 4 parts of 18 USC 1956

Answer 3

18 USC1956(a)(1)
18 USC 1956(a)(2)
18 USC 1956(a)(3)
18 USC 1956(h)-must prove intent

Question 4

What is BSA (bank Secrecy act)

Answer 4

Money deposits over $10,000 money believed to be made from sell of narcotics and reported to the Gov

Question 5

Key provisions of the BSA

Answer 5

Financial crimes En Network (FinCIN) administers and responsible for material on the reports

Question 6

Valuable source of Info from BSA

Answer 6

Name

Address

Question 7

What is Currency Transaction Report (CTR)

Answer 7

Banks & other financial institution are required by law to file a CTR with a customer deposit or withdraw $10,000

Question 8

What is Currency Transaction Report by Casinos (CTRC)

Answer 8

casino file the report to record all currency transaction between customer in excess of $10, 000!

Question 9

3 stages of money laundering

Answer 9

1 placement
2 layering
3 integration

Question 10

Report of Foreign & Financial Accounts (FBAR)

Answer 10

Required to file by US citizen who has financial money in foreign bank accounts in excess of $10,000

Question 11

Report of International Transportation of Currency or Money Instruments (CMIR)

Answer 11

Required to be filled with (CBP) by each person who physically transports, mails, or ships money over $10,000 from US to any place outside the US

Question 12

What is another name for Sources and Applications Methods in banking

Answer 12

Expenditures Method

Question 13

What is any outlay of funds made with cash or checks i.e. payments, use of debit cards, loan repayment, but not made with credit cards

Answer 13

Application

Question 14

What is the receipt of monies by legitimate means is considered a source of funds, i.e. beginning cash on hand, beginning account balances at the beginning of an inv. period are considered one, banks, casino account, net salary. (500 going in a credit union the beginning balance will be a source, ending balance a ——-)

Answer 14

Source

Question 15

What report are required whenever the institution discovers insider abuse in any amount, transactions aggregating $5000 or more, where a suspect can be identified and violations aggregating $25000 or more regardless of a potential suspect

Answer 15

Suspicious Activity Reports (SARs)

Question 16

What statue make it a crime to knowingly conduct or attempt to conduct a financial tran with the proceeds of a specific unlawful activity with intent to : promote the carrying on of specified unlawful activity, conceal or disguise the nature, location, source, ownershi, or control, evade taxes

Answer 16

18 USC 1956(a)(1)

Question 17

what statue make it a crime to transport, transmit, or transfer monetary instruments of funds into or out of the US

Answer 17

18 USC 1956 (a)(2)

Question 18

what statue, make it a crime to conduct or attempt to conduct a financial transaction involving property represented (by UC agent) to be the proceeds of unlawful activity, or property used to conduct or facilitate specified unlawful activity with intent.

Answer 18

18 USC 1956 (a)(3)

Question 19

The money laundering conspiracy part of the statue, any person who conspire to commit any offence shall be subject to the same penalties, to recommend a conspiracy must be two participants, not including UC in any amount must prove intent

Answer 19

18 USC 1956(h)

Question 20

what statue makes it a crime to knowing engage in monetary transactions exceeding $10000, in criminally derived property, no not need intent 5 yr limitation of last transaction

Answer 20

USC 1957

Question 21

What form is required when a trade or business receives more than $10,000 in cash in one transaction or two or more related trans in the US and foreign

Answer 21

Form 8300

Question 22

If a person sends 20k to a Islamic Charity over seas, what forms will need to be reported

Answer 22

CTR and SAR