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The Bank Secrecy Act of 1970 (BSA), also known as the Currency and Foreign Transactions Reporting Act, is a U.S. law requiring financial institutions in the United States to assist U.S. government agencies in detecting and preventing money laundering. [1]
Structuring, also known as smurfing in banking jargon, is the practice of executing financial transactions such as making bank deposits in a specific pattern, calculated to avoid triggering financial institutions to file reports required by law, such as the United States' Bank Secrecy Act (BSA) and Internal Revenue Code section 6050I (relating to the requirement to file Form 8300).
Withdrawing the funds takes mere minutes, and you leave the bank, not giving the bank transaction a second thought. However, the simple withdrawal of more than $10,000 raised a red flag within the ...
At a minimum, policies, procedures, and processes should enable each U.S. bank to identify the ultimate users of its foreign financial institution PTA and should include the bank's obtaining (or having the ability to obtain through a trusted third-party arrangement) substantially the same information on the ultimate PTA users as it obtains on ...
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For example, $225K would be understood to mean $225,000, and $3.6K would be understood to mean $3,600. Multiple K's are not commonly used to represent larger numbers. In other words, it would look odd to use $1.2KK to represent $1,200,000. Ke – Is used as an abbreviation for Cost of Equity (COE).
A concentration account is a sole account used for the internal purposes of a financial institution to facilitate the processing and settlement of multiple or individual customer transactions within the institution, usually on the same day.
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