Customer Screening and Documentation: Rapid Fire

What this video covers

• Why the Customer Identification Program (CIP) collects exactly four items (name, date of birth, address, identification number) and why a P.O. box alone fails
• How CIP differs from Know Your Customer (KYC): one-time identity verification versus ongoing reasonable diligence to maintain essential facts
• When a Currency Transaction Report (CTR) fires on cash over $10,000 with no suspicion, versus when a Suspicious Activity Report (SAR) requires suspicion at $5,000
• Why structuring to stay under the CTR threshold is a federal crime by itself, and why the no-tipping-off rule is absolute
• The 10% shareholder threshold for corporate insiders and the short-swing profit look-back of six months
• Why employee accounts elsewhere need prior written consent from the employing member, with 30 calendar days for pre-existing accounts
• The discretionary trio (security, action, quantity): when picking any one creates full discretion requiring written authorization, and why time-and-price discretion expires at end of business day