Exercise
Fill in the blank with the following terms.
Money Laundering
Layering
Placement
Suspicious Activity Report
Monetary Instrument Log
Currency Transaction Report
OFAC List
Integration
1. Firms must block financial transactions with those who do business with any person or country on the _____.
2. Firms must file a _____ on any customer who appears to be avoiding the Bank Secrecy Act requirements or is behaving in a way that suggests money laundering.
3. The _____ is used to report to the IRS any cash transactions in a single day exceeding $10,000.
4. The process of transforming illegally gained funds into seemingly legitimate funds is called _____ and is commonly done in three steps. The first step is called _____, which is the depositing of funds in financial institutions or the conversion of cash into nego