Podcast
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?
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?
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?
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?
Who is your Store's Western Union Anti-Money Laundering Compliance Officer?
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?
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?
What is Money Laundering?
What is Money Laundering?
Which of the following could be considered a 'structured transaction'?
Which of the following could be considered a 'structured transaction'?
What should you do if you believe a transaction is fraudulent?
What should you do if you believe a transaction is fraudulent?
When should you complete the online SAR on your Brand's intranet and submit to corporate?
When should you complete the online SAR on your Brand's intranet and submit to corporate?
How do you handle a Pre-Transaction Disclosure Statement-PDS Transaction?
How do you handle a Pre-Transaction Disclosure Statement-PDS Transaction?
What is the required way to handle customer complaints, cancellations or refunds?
What is the required way to handle customer complaints, cancellations or refunds?
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?
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?
Can a customer use another customer to send a transaction on their behalf?
Can a customer use another customer to send a transaction on their behalf?
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?
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?
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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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