Question related to Abbr (From a to d) Flashcards
what is Commission Rogatoire also known as
letters rogatory
What is Opposite of Concentration Risk
Diversification Risk
Examples of Corporate Vehicles
Private limited companies and public limited companies (Whose shares are traded on the Stock Exchange) trusts, non-profit organisations, l Limited partnerships Limited liability partnerships, Private investment companies
Why is Corporate Vehicles vulnerable to money
laundering.
Because it is difficult to identify the persons who are the ultimate beneficial
owners and controllers of corporate vehicles
what is Alternative Remittance System also known as
Underground banking or Informal Value Transfer Systems (IVTS)
What two
general classes are included in the AMLID
!) domestic laws and internationalcooperation
2) information on national contacts and authorities.
For cross-jurisdictional work, law enforcement officers use which reference tool
Anti-Money Laundering International Database (AMLID)
At a
minimum, the anti-money laundering program should include:
- Written internal policies, procedures and controls;
- A designated AML compliance officer;
- On-going employee training; and
- Independent review to test the program
why are Asset Protection Trusts (APTs) created
It’s a special form of irrevocable trust.
The principal purposes is to preserve and protect part of one’s wealth from creditors.
What is a Bearer Form
A form enables a designated
investment or deposit to be sold, transferred, surrendered or addressed to a bearer without
the need to obtain further written instructions.
What are Bearer Negotiable Instruments
checks, promissory notes and money orders
What are various form of Bearer Negotiable Instruments
are either in bearer form, are endorsed
without restriction,
what is Benami Account also called
nominee account.(Held by one person or entity on behalf of another or others)
What are Benami Account or nominee account used for
Movement of funds from one jurisdiction to another through a hawaladar. hawaladar may use Benami Account or nominee account to disguise his/her true
identity or the identity of the recipient of the funds.
what are different definitions of beneficial owner
1) The natural person who ultimately owns or controls an account through which a transac-
tion is being conducted.
2) The natural persons who have significant ownership of, as well as those who exercise
ultimate effective control over, a legal person or arrangement.
Who is a Beneficiary
The person (natural or legal) who benefits from a transaction, such as the party receiving the proceeds of a wire, a payout on an insurance policy.
In the trust context, all trusts (other than charitable or statutory-permitted non- charitable
trusts) must have beneficiaries, which may include the settlor
While trusts must always have some ultimately ascertainable beneficiary, they
may have no defined existing beneficiaries.
what is perpetuity period for trust (Maximum Time Frame)
It normally extends up to
100 years
What is Bill Sttuffing
A casino customer goes to various slot machines putting cash in the bill acceptors and collects
cash-out tickets with nominal gaming activity, then cashes out at the casino cage or asks for
a check.
What other name is Casa de Cambio known as
“bureau de change” or an “exchange office,
why is Casa de Cambio good for money launderers
1) currency exchange and consolidation of small
denomination bank notes into larger ones;
2)exchange of financial instruments such as travelers
checks, money orders and personal checks; and telegraphic transfer facilities
Does Cash Collateralized Loans has cash depoists
Yes, it has cash deposits as the loan’s collateral
What is a Concentration Account also called
These are also omnibus account
what is a collection account
Immigrants from foreign countries deposit many small amounts of currency into one account
where they reside, and the collected sum is transferred to an account in their home country
without documentation of the sources of the fund
