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BANK SECRECY ACT & ANTI-MONEY LAUNDERING

Horizontales
DRIVEN BY CRIMINAL ACTIVITY
BANK SECRECY OFFICER IS RESPONSIBLE TO IMPLEMENT
BANK SECRECY ACT
OFFICE OF FOREIGN ASSET CONTRIL
STRUCTURING OF CASH DEPOSITS
NEW ACCOUNTS MUST BE CHECKED AGAINST OFAC
Verticales
CAN BE ABUSED BY CRIMINALS WHO OPEN FRONT COMPANIES OR TAKE OVER LEGITAMATE COMPANIES
SPECIALTY DESIGNATED NATIONALS
BANK STAFF ARE BRIBED BY CRIMINALS
SEPERATING THE PROCEEDS FROM THE SOURCE THROUGH COMPLEX TRANSACTIONS
PLACING ILLEGAL CASH IN A FINANCIAL INSTITUTION
PROVIDES AN LEGITAMATE EXPLANATION FOR THE ILLICIT FUNDS