Stop & Shop AML Quiz Flashcards

Questions and Answers

What is the Gift Card threshold that requires the purchase to be processed at the Service Center and recorded on the Gift Card Compliance Log?

$1,500

Only Stop and Shop gift cards totaling more than $2,000 (face value) and have director approval to sell. (correct)

At $2,000 (face value)

What is your Brand's daily threshold that would require the completion of a Money Order Log?

$2,990 face value (correct)

$3,000 or more including fees

$10,000 or more including fees

What cash transaction dollar amount, inclusive of fees, triggers the filing of a CTR and must be reported through your Brand's intranet?

More than $10,000 CASH (correct)

More than $5,000 CASH

More than $3,000 CASH

Who is your Store's Western Union Anti-Money Laundering Compliance Officer?

Store Manager Signup and view all the answers

In a single day, a customer uses $10,500 CASH to pay for a $9,000 Money Order and $1,500 in gift cards. Which forms would you complete for this customer's transaction?

A and B Signup and view all the answers

What is Money Laundering?

The use of various financial transactions to disguise the illegal source of money Signup and view all the answers

Which of the following could be considered a 'structured transaction'?

Multiple Cash Money Order purchases back to back, multiple times in the same day or week and below the record keeping requirement Signup and view all the answers

What should you do if you believe a transaction is fraudulent?

Deny the transaction or call for the manager on duty to handle the situation and utilize the Hot Key if applicable. Signup and view all the answers

When should you complete the online SAR on your Brand's intranet and submit to corporate?

Anytime you feel the customer's behavior and transactions appear to involve suspicious and/or illegal activity (example: fraud, structuring, flipping, scams, etc.) Signup and view all the answers

How do you handle a Pre-Transaction Disclosure Statement-PDS Transaction?

Review the PDS with the customer prior to collecting funds and processing the transaction. Process the transaction and provide the PDS with the customer's paperwork. Signup and view all the answers

What is the required way to handle customer complaints, cancellations or refunds?

The store must always help by either entering the issue through WUPOS or calling Western Union directly on behalf of the customer. Signup and view all the answers

Should you process a transaction when you know the transaction is for illegal activity such as: Gambling, purchasing fake/counterfeit goods, accepting bribes from customers and/or structuring transactions to avoid ID requirements?

No, this type of transaction MUST be denied. We should never conduct a transaction when we know the transaction is for illegal activity. Signup and view all the answers

Can a customer use another customer to send a transaction on their behalf?

No, this is not allowed and the transaction should be denied Signup and view all the answers

Under what circumstances would you accept a phone call from someone saying they are from Western Union/Blackhawk/Incomm or Corporate office saying they need to 'test' or 'upgrade' the system or they need you to process a transaction?

Never. This is against policy and procedures Signup and view all the answers

Study Notes

Gift Card Compliance

Gift card purchases over $2,000 require processing at the Service Center and must be recorded on the Gift Card Compliance Log.
Only Stop and Shop gift cards that exceed $2000 (face value) need director approval for sale.

Money Order Log Requirement

A daily threshold of $2,990 in face value necessitates completion of a Money Order Log.

CTR Filing

Cash transactions over $10,000 (inclusive of fees) require filing a Currency Transaction Report (CTR) through the Brand's intranet.

Compliance Officer

The Store Manager acts as the Western Union Anti-Money Laundering Compliance Officer.

Transaction Documentation

For a transaction involving $10,500 CASH, the Money Order Log and CTR must be completed.

Definition of Money Laundering

Money laundering involves using financial transactions to conceal the illegal origin of money.

Structured Transactions

Multiple, back-to-back Cash Money Order purchases below record-keeping requirements qualify as structured transactions.

Handling Suspected Fraud

Deny any transaction suspected of fraud and notify the manager on duty.

Suspicious Activity Reporting

An online Suspicious Activity Report (SAR) should be completed whenever customer behavior appears suspicious or suggests illegal activity.

Pre-Transaction Disclosure Statement

Review the Pre-Transaction Disclosure Statement (PDS) with the customer before collecting funds and ensure they take the PDS with them; it must be shredded if left behind.

Customer Complaints and Refunds

The store must assist with customer complaints by entering issues through WUPOS or contacting Western Union directly on the customer’s behalf.

Illegal Transactions

Transactions known to facilitate illegal activities, such as gambling or purchasing counterfeit goods, must be denied.

Transaction on Behalf of Another Customer

Customers cannot send transactions on behalf of others; such transactions should be denied.

Handling Calls from Corporate

Do not accept calls from individuals claiming to be from Western Union or corporate asking to "test" or "upgrade" the system. This is against policy.

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Description

Test your knowledge on Anti-Money Laundering (AML) procedures specific to Stop & Shop. This quiz covers thresholds for gift card sales and daily money order logs. Enhance your understanding of compliance protocols in retail.