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block

Tipping off is

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and refers to the act of notifying suspects that they are subjects of a Suspicious Monitoring Report or any investigation by the authorities.

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none

A _____

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is a warning signal that should

bring attention

to a potentially, suspicious situation, transaction or activity.

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none

KYC refers to policies and procedures to determine

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type of activity that is unusual

type of activity that is normal and expected

identity of the customer

Having congenial relationship with a customer

none

A lockbox is

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Bank deposits the payment to the company's account

Company receives payment by mail which banks pick up

Safety deposit box service

Mail may be several times a day

Bank notifies the company of deposits

none

Cross border transfer is any wire transfer in which the

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and beneficiary institutions are located in

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jurisdictions.

Also, may refer to any chain of wire transfers that has at least one

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element

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none

Select the commercial type of websites, according to FATF's paper called 'Money Laundering and Terrorist Financing Vulnerabilities of Commercial Websites and Internet Payment Systems.

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Mediated customer-to-customer site where private individuals can sell to one another via an online marketplace

Direct business-to-business sites merchants selling to merchants.

Non-mediated site that allows customers to bid for merchant products

Mediated business-to-customer sites that allow multiple merchants to sell to customers via an online marketplace

Non-mediated customer-to-customer (i.e., online classifieds) sites that only allow customers to advertise goods they want to sell

Direct business-to-business customer, merchants that sell goods to consumers via their own websites

none

Remittance service is also know as

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Businesses that receive cash or other funds which they transfer through the banking system to another account

Giro houses

Casas de cambio

Pawnshop

Account is held by an associated company in the foreign jurisdiction where the money is made available to the ultimate recipient

none

Private banking, according to USA Patriot Act Section 312 is an account with a

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Minimum of $100K deposit for one or more non-US person

Dedicated banker

Minimum aggregate deposit of $1M for one or more non US person

Customized investments for clients

none

How are sound KYC procedures relevant to the safety and soundness of banks, according to the Basel Committee on Banking Supervision's paper "Customer Due Diligence for Banks'?

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Prevent adverse consequence of reputational damage

These are part of sound risk management.

Help protect the bank's reputation

Help protect the integrity of banking systems by avoiding becoming a vehicle for or victim of financial crime

Avoid payment of fees

none

The Basel Committee's October 2004 paper 'Consolidated KYC Risk Management' prescribes the following global approach to KYC to be followed by parent bank/head office as well as branches and subsidiaries

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Risk management

Customer acceptance and identification policies

Exemption of certain accounts

Ongoing monitoring of higher-risk accounts

none

The EUs Second Directive on Prevention Of Use of Financial System for the Purpose of Money Laundering adds

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All serious crimes

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Against the financial interests of the

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