Part 4 BSA AML Exercise

3. A set of procedures, laws, and regulations designed to stop the practice of generating income through illegal actions (AML).
6. A U.S. law enacted in response to the September 11, 2001, terrorist attacks, which includes provisions to combat money laundering and terrorist financing.
8. A document outlining the U.S. government’s plan to combat illegal financial activities.
12. A financial intelligence and enforcement agency of the U.S. Treasury Department that administers and enforces economic and trade sanctions (OFAC).
13. A bureau of the U.S. Department of the Treasury that collects and analyzes information about financial transactions to combat domestic and international money laundering, terrorist financing, and other financial crimes(FinCEN).
15. A type of automated monitoring system designed to detect and prevent both fraud and money laundering (FRAML).

1. An analysis of the potential threats to the U.S. financial system.
2. A report that U.S. financial institutions must file with FinCEN whenever they suspect a client of engaging in illegal activity (SAR).
4. A report that U.S. financial institutions must file with FinCEN for each transaction involving more than $10,000 in currency (CTR).
5. A program required by the USA PATRIOT Act requiring banks to collect identifying information about their customers (CIP).
7. A U.S. law that requires financial institutions to keep records and file reports that may be useful in criminal, tax, or regulatory investigations or proceedings (BSA).
9. A specific brand of software used for fraud detection and anti-money laundering purposes.
10. An individual appointed by a financial institution who is responsible for overseeing the Bank Secrecy Act compliance program.
11. Anti-Money Laundering/Combating the Financing of Terrorism.
14. Banking The provision of banking services by one bank (the “correspondent bank”) to another bank (the “respondent bank”)