Financial Monitoring in Cash-Intensive Industries

Hair dresser stores and other businesses = Dividing customers into peer groups Barber stores, restaurants, cafes and bars = Comparing revenues of direct competitors Casinos, gaming halls and gambling establishments = Complying with Money Laundering Prevention Act Second hand car dealers = Reporting suspicious transactions to Financial Intelligence Unit

Hair dresser stores and other businesses = Not under increased scrutiny Casinos, gaming halls and gambling establishments = Subject to increased scrutiny Nightclubs = Not required to report suspicious transactions to Financial Intelligence Unit Restaurants, cafes and bars = Subject to reporting suspicious transactions

Comparing revenues of direct competitors = Recognizing discrepancies more quickly Observing and comparing within a specific sector = Reducing risks of financial irregularities Reporting suspicious transactions to Financial Intelligence Unit = Addressing potential criminal funds Complying with Money Laundering Prevention Act = Ensuring compliance with regulations

<p>Casinos and gaming establishments = Must report suspicious transactions Hair dresser stores and other businesses = Divide customers into peer groups Second hand car dealers = Reporting to Financial Intelligence Unit depending on indicators Restaurants, cafes and bars = Subject to reporting suspicious transactions</p> Signup and view all the answers

<p>Hair dresser stores and other businesses = Less obligation to report suspicious transactions Casinos, gaming halls and gambling establishments = Must comply with Money Laundering Prevention Act Nightclubs = Not under increased scrutiny by government agencies Second hand car dealers = Must report suspicious transactions</p> Signup and view all the answers

<p>Restaurants, cafes and bars = Detecting money laundering activities Casinos, gaming halls and gambling establishments = Complying with regulations for reporting transactions Hair dresser stores and other businesses = Monitoring financial transactions in challenging environments Second hand car dealers = Identifying potential criminal funds mixed with legitimate income</p> Signup and view all the answers

<p>Cash payment in increased risk country = Noteworthy and should be investigated further Submission of invoices with contracts = Allows proof of business conducted party, location, and payment channel Ownership by a parent company on stock exchange = More oversight from investors and regulators Real estate form for client = Contains important questions about property location and tenants</p> Signup and view all the answers

<p>Checking stock exchange recognition = Ensures oversight by regulators and investors Asking for policies to counter bribery = Enhances coverage as a financial institution Consulting approved regulators list = Verifies authority supervision in non-high risk country Looking up client affiliations with organizations = Important for certification verification</p> Signup and view all the answers

<p>High-risk sectors = Common and require risk identification and management Small and medium-sized businesses = Affiliated with certain organizations through certification Supervised by an authority = Authority should not be in a high-risk country Real estate sector = Clients may be asked to fill out a real estate form</p> Signup and view all the answers

<p>Understanding high-risk sectors = Helps identify and manage risks effectively Regularly consulting policies of money laundering obligated institutions = Staying updated on current risks in the field Awareness and understanding in fighting financial crime = Crucial for ongoing efforts against financial crime Consulting country list of money laundering mandatory institution = Verifying authority supervision</p> Signup and view all the answers