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The newest version of the Bank Secrecy Act identifies five key compliance pillars: The designation of a compliance officer, development of internal policies, creation of a training program for employees, integration of independent testing and auditing, and development of risk-based processes for ongoing customer due

The Weekly Bulletin is the record of receipt and actions taken by the OCC on applications and notices filed by national banks and federal savings associations.

In the longer term, where there is increased risk, the swap might be cost effective in comparison with other types of derivative. A disadvantage is that, in any such arrangement, there is a risk that the other party to the contract might default on the arrangement.

BSA/AML regulations require financial institutions to: Keep records of cash purchases of negotiable instruments. File reports of cash transactions above $10,000. Report suspicious activity that might signify money laundering, tax evasion or other criminal activities.

There are four main types of exchange rate regimes: freely floating, fixed, pegged (also known as adjustable peg, crawling peg, basket peg, or target zone or bands ), and managed float.

Currency swaps are used to obtain foreign currency loans at a better interest rate than a company could obtain by borrowing directly in a foreign market or as a method of hedging transaction risk on foreign currency loans which it has already taken out.

Money laundering is the process of making illegally-gained proceeds (i.e. "dirty money") appear legal (i.e. "clean"). Typically, it involves three steps: placement, layering and integration. First, the illegitimate funds are furtively introduced into the legitimate financial system.