Account Opening and AML: Rapid Fire
Chapters in this video
- 0:00 Intake data, TCP rules, and why only the principal signs
- 2:15 CIP four elements, risk-based verification, and the 5-year versus 6-year retention trap
- 3:37 The five AML pillars and where beneficial ownership lives
- 4:38 CTR versus SAR: triggers, thresholds, and the structuring gotcha
- 6:06 OFAC block versus reject and the ACATS transfer workflow
- 7:26 Rapid-fire numbers recap: 15, 30, 36, 60, and the two-day delivery rule
- 9:03 Priya's priority puzzle: a final thought experiment
What this video covers
- Why only the principal's signature is required to accept a new account, not the representative's, and what intake data must be collected
- How the Trusted Contact Person (TCP) rule works: age 18+, contact-only, cannot trade, and the customer may decline
- The four exact CIP elements (name, date of birth, physical address, identification number) and the strict escalation when verification fails
- The five AML pillars: policies and procedures, independent testing, the AML Compliance Officer (AMLCO), training, and Customer Due Diligence (CDD) with beneficial ownership
- The CTR versus SAR distinction: over $10,000 cash (objective) versus $5,000 with suspicion (subjective), and why structuring triggers a SAR
- The block versus reject distinction for Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN): freeze property, refuse trades
- Why a firm cannot block an Automated Customer Account Transfer Service (ACATS) transfer to punish a departing rep, and the one-day validation, three-day delivery rule
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