What is the Order Audit Trail System?

The order audit trail system (OATS) is a computerized regulatory mechanism that maintains detailed records of securities transactions. OATS requires member firms of FINRA to automatically record and report orders to FINRA. What does the order audit trail system track? …

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What is know your client rule?

KYC means Know Your Customer and sometimes Know Your Client. KYC or KYC check is the mandatory process of identifying and verifying the client’s identity when opening an account and periodically over time. What are the three 3 components of …

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What are some elements of the USA Patriot Act?

The Patriot Act increases the governments surveillance powers in four areas: Records searches. It expands the government’s ability to look at records on an individual’s activity being held by a third parties. … Secret searches. … Intelligence searches. … “Trap …

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What is a u4 record?

The Form U4 (Uniform Application for Securities Industry Registration or Transfer) is used to establish that registration. FINRA, other self-regulatory organizations (SROs) and jurisdictions use the Form U4 to elicit employment history, disciplinary and other information about individuals to register …

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Can you make an offer on a short sale?

Can You Negotiate A Short Sale? It is entirely possible to negotiate a short sale, but doing so can be a time-consuming process. Instead of negotiating with the seller alone, as is the case with most traditional sales, short sale …

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What is SEC registration?

A registration statement is a filing with the SEC making required disclosures in connection with the registration of a security, a securities offering or an investment company under federal securities laws. What does it mean to be registered with SEC? …

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What does Reg S mean?

What does Regulation S mean? What is the Regulation S registration exemption? “Reg S,” which refers to Regulation S, is a series of rules that clarify the position of the U.S. Securities and Exchange Commission (SEC) that securities offered and …

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What is a section 302 certification?

SOX Section 302 requirements SOX 302 requires that the principal executive and financial officers of a company, typically the CEO and CFO, personally attest that financial information is accurate and reliable. They must make these attestations within the quarterly 10-Q …

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What is the purpose of Calea accreditation?

The primary purpose of CALEA is to improve the delivery of public safety services by maintaining a comprehensive body of law enforcement standards, establishing and administering an accreditation process, and recognizing professional excellence. What is the function of CALEA? CALEA …

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What form number is a CTR?

Form 104Form 104 on each single or multiple deposit, withdrawal, exchange of currency or other payment or transfer which involves currency of more than $10,000.  What is a FinCEN Form 112? FinCEN CTR (Form 112) Reporting of Certain Currency Transactions …

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What is suspicion of money laundering?

What is suspicious in money laundering? (b) The Suspicious Transaction Report (STR) should be furnished within 7 days of arriving at a conclusion that any transaction, whether cash or non-cash, or a series of transactions integrally connected are of suspicious …

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What are the provisions of the USA Patriot Act?

The Act enabled investigators to gather information when looking into the full range of terrorism-related crimes, including: chemical-weapons offenses, the use of weapons of mass destruction, killing Americans abroad, and terrorism financing. What was the provision of the USA Patriot …

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How does trade based money laundering work?

In its simplest definition, trade-based money laundering is the process of disguising the proceeds of crime and moving value (i.e., movement of money) using trade transactions to legitimize their illicit origins.  What is trade-based money laundering process? For the purpose …

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What are Regulation S securities?

Regulation S is a registration exemption which allows securities only to be sold to non-US investors (accredited or unaccredited) exclusively outside of the United States. What is Regulation S vs Regulation D? Regulation S is similar to Regulation D in …

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What is the process for a short sale approval?

Short sale offer: Once a seller accepts an offer from a potential buyer, the listing agent sends the lender the listing agreement, an executed purchase offer, the buyer’s pre-approval letter, a copy of the earnest money check, and the seller’s …

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Can I get a mortgage after short sale?

You’ll likely have a minimum waiting period before you can qualify for another loan, and you might also need to improve your credit score and save for a down payment to qualify for a mortgage after a short sale. For …

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What are SOX requirements?

SOX Compliance Requirements SOX requires that all financial reports include an Internal Controls Report. This report should show that the company’s financial data is accurate (a 5% variance is permitted) and that appropriate and adequate controls are in place to …

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