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Zorluk: ZorAnti-Money Laundering (AML), KYC, and Sanctions Compliance

Match each anti-money laundering (AML), customer identification, or sanctions compliance mandate on the left with its correct regulatory requirement, monetary threshold, or filing timeline on the right.

  • Currency Transaction Report (CTR)Mandatory filing with FinCEN within 15 calendar days for currency deposits, withdrawals, or exchanges exceeding $10,000 in a single business day.
  • Suspicious Activity Report (SAR)Mandatory filing with FinCEN within 30 calendar days for suspicious transactions involving $5,000 or more, strictly prohibiting disclosure to the customer.
  • Office of Foreign Assets Control (OFAC) SDN BlockingImmediate freezing of targeted customer assets and mandatory reporting of blocked transactions to federal authorities within 10 business days.
  • Customer Identification Program (CIP) RecordkeepingMaintenance of identifying information (e.g., name, DOB, address, TIN) and verification methods used for 5 years after the account is closed.

Cevap

Currency Transaction Report (CTR) pairs with the requirement for cash transactions over 10,000filedwithin15calendardays.SuspiciousActivityReport(SAR)pairswiththerequirementforsuspicioustransactionsof10,000 filed within 15 calendar days. Suspicious Activity Report (SAR) pairs with the requirement for suspicious transactions of 5,000 or more filed within 30 calendar days confidentially. OFAC SDN Blocking pairs with freezing assets and reporting blocked transactions within 10 business days. CIP Recordkeeping pairs with retaining identification methods and documents for 5 years after account closure.
Each regulatory reporting requirement has specific monetary thresholds and timeframes mandated by federal law. CTRs apply to cash transactions over 10,000within15calendardays.SARsapplytosuspicioustransactionsof10,000 within 15 calendar days. SARs apply to suspicious transactions of 5,000 or more within 30 calendar days without informing the client. OFAC matches require asset blocking and notification within 10 business days. CIP verification records must be kept for 5 years after account closure.

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1
Identify the threshold and filing timeline for Currency Transaction Reports (CTR).
CTRs apply to physical cash transactions exceeding $10,000 in one business day, filed within 15 calendar days.
Federal anti-money laundering rules under the Bank Secrecy Act mandate CTR reporting for currency transactions exceeding $10,000.
2
Identify the threshold, filing deadline, and confidentiality mandate for Suspicious Activity Reports (SAR).
SARs apply to transactions involving $5,000 or more that lack apparent business purpose or indicate illegal activity, filed within 30 calendar days with strict non-disclosure.
Broker-dealers are required to report suspicious activity exceeding $5,000 to FinCEN and are legally prohibited from disclosing the filing to the target customer.
3
Determine the OFAC sanctions compliance obligations when encountering a Specially Designated National (SDN).
Firm must block/freeze the property/assets and file a report with OFAC within 10 business days.
OFAC regulations require financial institutions to block transactions and account assets associated with targeted countries or individuals on the SDN list.
4
Determine the retention requirements for Customer Identification Program (CIP) records.
Identifying information and methods of verification must be retained for 5 years after the account is closed.
Under Section 326 of the USA PATRIOT Act, broker-dealers must preserve CIP identification records for five years post account closure.

Anahtar Kavram

AML Reporting Thresholds, SAR vs. CTR Rules, OFAC Sanctions, and CIP Retention
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Konular

Anti-Money Laundering (AML), KYC, and Sanctions Compliance