What are red flags for suspicious activity?
The guidance lists potential red flags in a number of categories, including (i) customer due diligence and interactions with customers; (ii) deposits of securities; (iii) securities trading; (iv) money movements; and (v) insurance products..
What is a red flag for structuring?
The automated system should “alert” or “red flag” those specific transactions as a possible structuring occurrence, but the BSA personnel must further investigate. … Red flags include individuals conducting large rounded off transactions – $9,000, $9,500, and $10,000 when reviewing cash transactions.
What are red flag indicators?
A red flag is a warning or indicator, suggesting that there is a potential problem or threat with a company’s stock, financial statements, or news reports.
What are the 3 stages of AML with examples?
The process of laundering money typically involves three steps: placement, layering, and integration. Placement puts the “dirty money” into the legitimate financial system. Layering conceals the source of the money through a series of transactions and bookkeeping tricks.
How do you identify suspicious activity in money laundering?
If you know about or suspect money laundering or terrorist financing you must consider telling the National Crime Agency ( NCA ) by sending a Suspicious Activity Report ( SAR ). You also must consider whether you need NCA consent before you proceed with a suspicious transaction.