Which of the following is not a source of illegal money

Written by Shereefat Balogun, Regulatory Compliance Counsel So we all know that credit unions are required to file a Suspicious Activity Report (SAR) where a member appears to be engaged in illegal or suspicious activity. While, we all know the general SAR requirements, there are many questions about what activity is considered suspicious; or more precisely what are the red flags of money laundering. In light of the looming concerns in this area and increased regulatory scrutiny around the failure to file a SAR in certain instances, this post will provide a non-exhaustive list of some of the common indicators of money laundering activity that your credit union can prepare for. As an initial matter, the BSA/AML regime requires credit unions to file a SAR if it involves at least $5k and the credit union has reason to suspect that the transaction: (i) involves funds derived from money laundering or any other illegal activity; (ii) is designed to evade the BSA or its implementing regulations; or (iii) has no apparent business or lawful purpose, or is not the type of transaction that the member would normally be expected to engage in. See, Avoiding Recordkeeping and Reporting Requirements • Member asks about record-keeping or reporting requirements • Member discourages employee from filing required reports or complying with recordkeeping requirements • Member reluctant to proceed with cash transaction after being told it must be reported Suspicious Customer Identification Behav...

An example of layering in money laundering could involve using a series of smaller transactions to move funds, in order to avoid detection. This is often referred to as smurfing or structuring. Another example could involve using shell companies or offshore bank accounts to help with the process of moving and disguising funds. The three main stages of money laundering are placement, layering, and integration. In the process of placement, illicit funds are funneled into the legal financial system. To conceal the origins of money, illegal funds are often layered. The practice of layering involves moving illicit money through a sequence of transfers to disguise its source. Integration involves returning the cash to the criminal in a way that appears legal. Money laundering is the process of making money from criminal activities appear to be legal. This is done by moving the money through a series of transactions to disguise the source of the funds. Money laundering, in a nutshell, is the practice of converting funds obtained from an unlawful source into activities that are intended to hide their origin. The goal of money laundering is to disguise the source, illegal nature, or unlawful application of money so that it appears to have come from a legitimate source. There are three main stages used in money laundering: placement, layering, and integration. Anti-money laundering (AML) policies are a set of procedures, laws, and regulations designed to prevent money laundering. Th...

What Is Money Laundering? Money laundering is the illegal process of making large amounts of money generated by criminal activity, such as drug trafficking or terrorist funding, appear to have come from a legitimate source. The money from the criminal activity is considered dirty, and the process “launders” it to make it look clean. • Money laundering is the illegal process of making “dirty” money appear legitimate instead of ill-gotten. • Criminals use a wide variety of money-laundering techniques to make illegally obtained funds appear clean. • Online banking and cryptocurrencies have made it easier for criminals to transfer and withdraw money without detection. • The prevention of money laundering has become an international effort and now includes terrorist funding among its targets. • The financial industry also has its own set of strict anti-money laundering (AML) measures in place. • Placement surreptitiously injects the “dirty money” into the legitimate financial system. • Layering conceals the source of the money through a series of transactions and bookkeeping tricks. • In the final step, integration, the now-laundered money is withdrawn from the legitimate account to be used for whatever purposes the criminals have in mind for it. There are many ways to launder money, from the simple to the very complex. One of the most common techniques is to use a legitimate, cash-based business owned by a criminal organization. For example, if the organization own...

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This problem has been solved! You'll get a detailed solution from a subject matter expert that helps you learn core concepts. See Answer See Answer See Answer done loading Question:Question 1 Income for tax purposes: Means all income from whatever source (legal or illegal, unless specifically excluded under the National Internal Revenue Code. Means all wealth which flows into the taxpayer other than return of capital. Is recognized in the year it is actually received in cash or cash equivalent. Refer to the amount of money coming to a Question 1 Income for tax purposes: • Means all income from whatever source (legal or illegal, unless specifically excluded under the National Internal Revenue Code. • Means all wealth which flows into the taxpayer other than return of capital. • Is recognized in the year it is actually received in cash or cash equivalent. • Refer to the amount of money coming to a person or corporation within a specified time, wether as payment of services, interest, or profits from investment. • b. I and IV only • a. I, II and III only • d. None of the above • c. I, II, III and IV Question 2 • The sources from which income is derived • c. Profits derived from sale or exchange of capital assets • b. The use of capital • d. All of the above • a. Labor Question 3 The sources from which income is derived A B C D Labor True True True False Gifts and inheritance True False False False Use of Capital True True False False • C • A • D • B Question 4 4.Which of the ...