MBA money laundering: A hypothetical guide - Part One: The basics. Let's say you're a drug dealer, a corrupt politician, or a would-be terrorist, and you have a big sack of ill-gotten gains. How big of a sack? One million US dollars in cash weighs around two hundred and fifty-six pounds. The International Monetary Fund estimates that up to five percent of the world's gross domestic product, or 1.5 trillion dollars, is laundered every year. That's roughly six billion pounds, equivalent to the Wall Street bull, the Statue of Liberty, and the Eiffel Tower, multiplied by 300, every year. Here's how you'd clean your one million dollars of dirty money in just three easy steps: Step 1 - Placement, also known as deposit: Your cash in a bank next to how you make your money. This is the riskiest phase of the laundering process. To prevent banks from reporting you to the government, keep cash deposits well below $10,000 and spread it out over 160 accounts in 20 or more banks. Step 2 - Layering, also known as move your money around like crazy: This is the trickiest and possibly most fun stage of the laundering process. Try changing currencies of 20%, buying expensive items like houses, cars, and works of art to 30%, and investing in legitimate businesses with the final 50%. The point is to make the original dirty money impossible to trace. Step 3 - Integration, also known as collecting your laundry: At this point, your money is no longer dirty. It comes back to you through a seemingly legitimate legal transaction, like dividends from savvy investments in a local Italian eatery (ranging from $56,000 to $130,000 a year), the sale of a particularly rare Thomas Kincade painting of a lighthouse ($200,000), or the steady stream of income brought to you...
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Fincen Sar Form: What You Should Know
The SARS are the primary source of investigative tools used by U.S. financial institutions to identify and investigate individuals who may be engaging in money laundering. Because the SARS are required to be filed electronically by many financial institutions, financial institutions are in a unique position to help law enforcement combat financial crimes. SARS contain a number of different types of information that may be useful to law enforcement. SAR information includes: Money Laundering Patterns. The SAR includes information about how much money is being moved. Suspicious Activity Reports (SARS). As of April 1, 2013, financial institutions must use the new Fin CEN reports, which are available only electronically, for the primary purpose of identifying, deterring or investigating individuals who may be engaging in, or attempting to engage in, money laundering. How to Report Suspicious Activities | Fin CEN.gov How to Report Suspicious Activity. A. Fin CEN Form 5400. To file a SAR, click on “Online” then “New SAR/SAR File.” Then, fill out the form and attach it to your report. You should attach a copy (or print out, if possible) of the completed form to your bank or credit union statement that shows the transaction. You must file a SAR at least 2 business days in advance. Fin CEN SAR ElectronicFiling Instructions. B. Fin CEN Form 5200. To file a SAR, click on “Online” then “New SAR/SAR File.” Then, fill out the form and attach it to your report. You should attach a copy (or print out, if possible) of the completed form to your bank or credit union statement that shows the transaction. You must file a SAR at least 2 business days in advance. Fin CEN SAR ElectronicFiling Instructions. NOTE: For a complete listing of the SAR instructions, click here. C. A Fin CEN Form 5320. To file any SAR Report, please visit the website of your local financial institution and check with them to make sure they have the latest SAR instructions. How to Report Suspicious Activity. A. Fin CEN Form 5320. To file an online Suspicious Activity Report, click here. You must complete the “Report Suspicious Activity,” and also attach all supporting documentation that are required.
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