BSA/AML - Global Express
Transcription
BSA/AML - Global Express
12 ANTI-MONEY LAUNDERING (AML) PROGRAM of Every MSB is required by law to have an effective Anti-Money Laundering (AML) Program. This program must: Bank Secrecy Act & Anti-Money Laundering (BSA/AML) TRUSTEE TRAINING Designate a Compliance Officer o Responsible for total oversight of the AML program Incorporate written policies, procedures, and internal controls to assure compliance with BSA Provide education and/or training to appropriate employees o Maintain records of when, what and which new and existing employees trained Independent review of AML Program o To be completed by someone other than the designated Compliance officer for the purpose of monitoring the adequacy of the AML program. The review should include but not limited to a review of policies, transactions, reporting completeness and accuracy, and assurance of employee AML training. BANK SECRECY ACT (BSA) The Bank Secrecy Act (BSA) is intended to help federal authorities in the investigation of money laundering and terrorist financing by requiring money service businesses (MSBs) to comply with certain: Reporting and recordkeeping requirements; Procedures in verification of customer identity; and Collection of customer information Global Express offers 2 types of MSB services: money orders and money transmission. Certain bill payment and prepaid products are considered money transmission under the BSA. As an MSB, each Trustee of Global Express must comply with BSA anti-money laundering (AML) program and reporting and record keeping requirements. BSA REPORTING AND RECORD KEEPING REQUIREMENTS MONETARY INSTRUMENT LOG If cash is used to purchase one or more money orders and/or bill payments totaling at least $3,000 but not more than $10,000 (inclusive of fees) in one or related transactions, the Trustee must obtain and record specific information, including identifying information from the customer(s). Process includes: 1) Obtain, verify and record customer information, including identification Acceptable identification: o o The BSA requires certain MSBs to register with FinCEN. As a Trustee of Global Express, you are not required to file your own registration unless you offer your customers other financial products or services independent of Global Express. 2) For more information regarding legal obligations on how BSA regulations apply to your business visit: www.fincen.gov. o U.S. alien registration o Other government issued identification with photo Record customer and transaction information o o Name and address of the purchaser* Number from ID* o o Date of Birth of purchaser* Date of purchase o o 3) For additional compliance resources as a Trustee of Global Express, please visit http://global.tionetworks.com/compliance/ Driver’s license Passport Location of purchase Type of instrument, serial numbers and total number of instruments purchased o Dollar amount purchased and the amount of each instrument o If the purchaser is buying the instruments on behalf of another person, the (*) information is also required for that person Retain Log for five (5) years 22 of BSA/AML TRUSTEE TRAINING CONTINUED BSA REPORTING AND RECORD KEEPING REQUIREMENTS CONT. CURRENCY TRANSACTION REPORTS (CTR)MSBs must report all cash transactions that exceed $10,000 using a Currency Transaction Report (CTR) when a transaction or series of related transaction(s) meet all of the following conditions: The transaction(s) is made in cash; The transaction(s) is greater than $10,000; The transaction(s) is made by, or on behalf of, the same person; The transaction(s) is conducted on the same day FILING THE CTR It is the responsibility of the Trustee to complete the CTR form found on the BSA E-Filing section at FinCEN’ s website within 15 days following the day of the transaction. CTRs must be maintained by the filing MSB for five (5) years. SUSPICIOUS ACTIVITY REPORTS (SAR) These reports are used by the government to fight against money laundering and other money services crimes. A SAR report must be filed whenever a transaction or a series of transactions is both: 1) At least $2,000; and 2) Deemed by the Trustee to be suspicious. STRUCTURING When a customer intentionally splits a transaction into two or more separate transactions in order to avoid providing identifying information is called “structuring”. Structuring is intended to evade the BSA reporting and recordkeeping requirements (for example: $3,000 or $10,000) and is a criminal and civil violation. This activity, if deemed to be suspicious, must be filed under a SAR. Red flags of potential suspicious activity: Several purchasers come in together but pretend not to know each other and conduct similar transactions; The customer provides inconsistent answers to questions The same customer buys money orders more than once in a day or in two or three consecutive days The customer offers you a bribe to no require identifying information The customer are just below the $3,000 record keeping threshold The customer asks whether the purchase will be recorded/reported The customer alters the transaction upon learning ID is required To help determine if a transaction seems suspicious, questions to ask one-self could be: Is the transaction amount unusually large for the typical customer? Does the customer make the same or similar transactions more frequently than normal? Does the type of transaction seem unusual for the customer? FILING THE SAR It is the responsibility of the Trustee to complete a SAR form found on the BSA E-Filing section at FinCEN’s website within 30 days after the Trustee discovers the suspicious nature of the activity. Trustee should include all relevant information regarding the transaction(s) and person(s) involved in the transaction(s) and should clearly state why the activity appears suspicious. A copy of each SAR filed must be kept for a period of five (5) years from the date of the filing of SAR. Be prepared to provide copies of SARs to any state examiners and/or IRS examiners. DO NOT DISCLOSE. Never disclose to a customer the fact a SAR has been filed. A transaction is suspicious and must be reported if the Trustee knows, suspects or has reason to suspect that the transaction(s): Involves funds from illegal activity Is intended or conducted in order to hide or disguise funds or assets derived from illegal activity Is designed to evade reporting or record-keeping requirements; or Serves no business or apparent lawful purpose QUESTIONS? If you have questions about how these laws apply to your business, consult your own legal advisor. If you have any questions about the contents of this training guide, please contact us @ [email protected]