What are the risk indicators for currency collection and delivery?
A range of typologies indicate that currency collection and delivery services can be used to facilitate money laundering and/or the financing of terrorism. The following circumstances may indicate a risk of money laundering or terrorism financing in connection with providing such services (27): • wide variation in the value of physical currency collected or delivered • inconsistent pattern of denominations in physical currency collected or delivered • changes in frequency of collections or deliveries • gaps in know your client (KYC) information • large ‘one-off’ services • irregular contact with the client • business activities of the client inconsistent with the value of physical currency being collected or delivered.
Related Questions
- If our district decides to use the Construction Manager at Risk ("CM at Risk") delivery method, as allowed under the Commonwealth’s 2004 construction reform law, do we still have to hire an OPM?
- Can I specify the day and time of delivery / collection / re-delivery?
- How do I hedge currency risk if delivery dates fluctuate?
