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NCJRS Abstract

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NCJ Number: 157122 Find in a Library
Title: Money Laundering: Stakeholders View Recordkeeping Requirements for Cashier's Checks as Sufficient
Corporate Author: US Government Accountability Office
General Government Division
United States of America
Date Published: 1995
Page Count: 13
Sponsoring Agency: Azimuth Inc.
Fairmont, WV 26554
National Institute of Justice/
Rockville, MD 20849
NCJRS Photocopy Services
Rockville, MD 20849-6000
US Government Accountability Office
Washington, DC 20548
Publication Number: GAO/GGD-95-189
Sale Source: Azimuth Inc.
1000 Technology Drive, Suite 3120
Fairmont, WV 26554
United States of America

National Institute of Justice/
NCJRS paper reproduction
Box 6000, Dept F
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United States of America

NCJRS Photocopy Services
Box 6000
Rockville, MD 20849-6000
United States of America
Document: PDF
Type: Survey
Language: English
Country: United States of America
Annotation: To combat money laundering practices engaged in by criminal enterprises, the Bank Secrecy Act requires financial institutions to report and maintain records of certain financial transactions.
Abstract: These recordkeeping requirements are designed to help law enforcement agencies conduct criminal, tax, or regulatory investigations, and to help authorities identify suspicious and unusual financial transactions. Specifically, criminal organizations often convert illicit cash proceeds into monetary instruments such as traveler's or cashier's checks, or money orders. Financial institutions are urged by the Department of the Treasury and Federal financial industry regulators to develop know- your-customer policies that will allow bank employees to become familiar with client banking practices so that they can recognize transactions that are outside the normal course of a customer's business practices. Some activities that might be considered unusual include an account that shows frequent deposits of large bills for a business that normally does not deal in large amounts of cash, deposits of numerous checks but rare withdrawals of cash for daily operations, customer reluctance to produce identification, or transactions that indicate a customer is trying to circumvent these recordkeeping requirements by engaging in transactions totaling less than $3,000 each. 1 table and 2 appendixes
Main Term(s): Criminology
Index Term(s): Bank Secrecy Act; Financial reports; Money laundering; Organized crime investigation
To cite this abstract, use the following link:
http://www.ncjrs.gov/App/publications/abstract.aspx?ID=157122

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