Internal Suspicious Activity Report Template Quiz and Flashcards

Study Notes

Internal Suspicious Activity Report (iSAR)

Crucial in identifying patterns or trends in suspicious activities, enabling the NCCU to implement preventive measures and enhance risk management strategies.

Red Flags

Examples of potentially suspicious activity or behavior that require additional scrutiny by the Compliance Officer.
Identification of a red flag does not imply criminal activity, but signals the need for further investigation.

Red Flag Indicators

Provides insufficient or suspicious information, such as unusual or unverifiable identification documents.
Reluctance to provide complete due diligence information when establishing a new account.
Frequent large transactions with no record of past or present employment.

Suspicious or Unusual Transactions

When faced with a suspicious or unusual transaction, submit an iSAR to the Compliance Officer within one day.
Submission is confidential; refrain from informing anyone of your action.

Safety and Value in Reporting Suspicious Activity

Submitted iSAR details are confidential and only seen by the Compliance Officer.
Filing an iSAR protects employees against fines for failure to report suspicious activity.
Contributes to the overall safety and integrity of the NCCU.

Key Terms

iSAR (Internal Suspicious Activity Report): A form completed by employees to report suspicious transactions or activities.
Know Your Customer (KYC): A due diligence process to verify members' identities and monitor their level of risk.
Letter of Administration: A legal document authorizing an individual or group to act on behalf of a deceased person's estate.
Memorandum of Transfer (MOT): A legal document used to formally transfer property ownership.
Money Laundering: Engaging in transactions involving money or property derived from unlawful activity.

Description

Test your knowledge on the workflow of Internal Suspicious Activity Reports (iSAR) and understanding red flags for suspicious activities. Learn about identifying patterns, trends, and preventive measures in the context of risk management strategies.