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Bank Secrecy Act

Teacher: Etta Kwon
Across
a division of the U.S. Department of Treasury. Administers and enforces economic and trade sanctions against targeted foreign countries and their agents, terrorism sponsoring agencies and organizations, and international narcotics traffickers based on U.S. foreign policy and national security objectives.
Placing funds in financial institutions and depositing structured amounts of cash to evade reporting requirements. This can be done by smurfing and structuring.
Sandia Area employees, officials, and agents subpoenaed or otherwise requested to disclose a SAR or the information in a SAR, must decline to produce the SAR and provide any information that would disclose that a SAR existed or was prepared or filed. The unauthorized disclosure of a SAR is a violation of federal law.
Currency transactions valued at more than $10,000 cash, including deposits, withdrawals, payments, exchanges of currency and transfers of currency must be reported on what FinCEN Report and filed electronically within 15 calendar days of the transaction.
created in 1990 as a key component of the U.S. international strategy to combat organized crime.
Creating the appearance of legality through additional transactions. Unnecessary loans may be obtained to disguise illicit funds as the proceeds of business loans.
enacted by Congress after the 911 attacks and was formed in response to the terrorist attacks against the United States. It dramatically expanded the authority of American law enforcement for the stated purpose of fighting terrorism in the United States and abroad.
Down
In 1970, Congress passed the Currency and Foreign Transactions Reporting Act, commonly known as the
Multiple and sometimes complex financial transactions are conducted to further conceal the illegal nature, and make it difficult to identify the source of the funds, or to eliminate an audit trail. Purchasing Monetary Instruments and using wire transfers to facilitate in Layering.