Money Laundering: Hearing Before the Subcommittee on Financial Institutions Supervision, Regulation and Insurance of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, One Hundred First Congress, First Session, November 14 and 15, 1989 |
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Page 95
... proposed , Treasury would propose that the reporting be made by electronic data transmission or other nonpaper means and include an appropriate exemption system . -6- The options put forward include : 1 ) requiring 95.
... proposed , Treasury would propose that the reporting be made by electronic data transmission or other nonpaper means and include an appropriate exemption system . -6- The options put forward include : 1 ) requiring 95.
Page 139
... exemption requirements are followed . The Loss Investigator reports suspicious transactions to law enforcement officials . The Loss Investigator will also file Criminal Referral Forms with the Comptroller of the Currency when the Bank ...
... exemption requirements are followed . The Loss Investigator reports suspicious transactions to law enforcement officials . The Loss Investigator will also file Criminal Referral Forms with the Comptroller of the Currency when the Bank ...
Page 143
... exemption for the account . Exemptions are covered later in this section . If the transaction involves an account located at another branch , call the Compliance Section to see if an exemption has been established . If the account is exempt ...
... exemption for the account . Exemptions are covered later in this section . If the transaction involves an account located at another branch , call the Compliance Section to see if an exemption has been established . If the account is exempt ...
Page 144
... exempt , a Currency Transaction Report , IRS Form 4789 , must be completed ( example opposite ) . The form must be typed or printed legibly . See the completion guide in the Forms chapter . Make a copy of the CTR ... EXEMPTION POLICY The 144.
... exempt , a Currency Transaction Report , IRS Form 4789 , must be completed ( example opposite ) . The form must be typed or printed legibly . See the completion guide in the Forms chapter . Make a copy of the CTR ... EXEMPTION POLICY The 144.
Page 145
... EXEMPTION POLICY The Bank Secrecy Act Administrator reviews all CTR's for accuracy then sends them to the IRS . To ... exemption . They are as follows . ..Customers whose transactions are automatically exempt under BSA regulations ...
... EXEMPTION POLICY The Bank Secrecy Act Administrator reviews all CTR's for accuracy then sends them to the IRS . To ... exemption . They are as follows . ..Customers whose transactions are automatically exempt under BSA regulations ...
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activities agencies agents American Bankers amount attorneys Bank Secrecy Act Bank's banking industry BARNARD basically BRARY Bruh cartel cash Cashier's Checks Chairman ANNUNZIO cocaine Colombia combat money laundering Compliance Section CONGRE CONGRESS THE LIBRARY cooperation crime Currency Transaction Report deposit detection dollars drug dealers drug money drug trafficking effective efforts employees exemption Federal filed financial institutions funds going Government HUBBARD identify illegal indictment individuals Internal Revenue Service involved KANJORSKI know your customer Large Currency Reporting law enforcement officials LIBRA LIBRARY OF CONGRESS MARTOCHE MCCANDLESS MCMILLEN ment MFUME million money laundering money-laundering Pablo Escobar PARRIS problem profits prosecution Puget Sound Bank purchased questions RARY regulatory reporting requirements RESS SCHUMER SHUMWAY smurfing statement suspicious currency transactions suspicious transactions targeting Task Force tellers Thank tion Treasury U.S. Customs Service United wire transfers WITNESS WYLIE
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Page 126 - ... not not have been vulnerable to legal sanctions, are now at risk. In legislation which went into effect a few months ago, Luxembourg amended its drug laws to incorporate heavy penalties including prison, fines and confiscation of property for drug-related money laundering. Additionally, this includes sanctions against individuals who in their professional capacities knowingly assist in disguising the ownership of property. Also, recently in Switzerland, a new money laundering bill was approved...
Page 169 - However, the trail of illicit profits is hard, if not impossible, to follow if done through the use of wire transfers. In 1988, the Clearing House Interbank Payments System (CHIPS) , processed 33.9 million international transfers with an aggregate value of $165 trillion. This volume makes it clear that the Federal cash reporting requirements could not be applied to wire transfers. The Treasury Department has attempted to aid the banks by issuing an "Advisory Concerning Wire Transfers." This advisory...
Page 107 - As arranged with your office, unless you publicly announce its contents earlier, we plan no further distribution of this report until 30 days after its issue date.
Page 75 - Va., which with no objection, will be made a part of the record. Hearing no objection, so ordered. (Mr.
Page 195 - La Mina" that handled $1.2 billion in illicit drug profits belonging to the Medellin Cartel. "La Mina" spanned nine cities across the United States, as well as England and several countries in Latin America. Operation Polar Cap resulted in the seizure of more than one ton of cocaine; the confiscation of $92 million in cash, jewelry, and real estate; and the indictment of 127 individuals. One of those indicted, Eduardo Martinez Romero, was recently captured and extradited to...
Page 195 - We are striking at the heart of these trafficking syndicates by confiscating their money and goods. For example, earlier this year, DEA, working with the Federal Bureau of Investigation, the Internal Revenue Service, the US Customs Service, and elements of the Department of Justice, with the assistance of numerous state, local, and foreign law enforcement agencies, concluded what Attorney General Thornburgh termed "the largest money-laundering crackdown ever carried out by the federal government.
Page 118 - THE OFFICE OF COMPTROLLER OF THE CURRENCY. THE OFFICE OF THRIFT SUPERVISION.
Page 50 - We will recess until 10 am tomorrow morning. (Whereupon, at 1 pm the hearing adjourned to reconvene at 10 am on Wednesday, April 28, 1971.
Page 96 - ... prior to originating international payments on a customer's behalf, either through book transfers of credit or through international wire transfers of funds, that financial institutions apply model "know your customer" procedures to verify the legitimate nature of the customer's business and that the transfers are commensurate with legitimate business activities; and 3) requiring financial institutions to develop with our assistance a profile of suspicious international wire transfers and report...