SIE Exam - Customer Accounts Episode 7

   • Customer Accounts VERY TESTABLE on SIE Exa...   3.2 Customer Accounts and Compliance Considerations 3.2.1 Account Types and Characteristics • Cash • Margin • Options • Discretionary vs. non-discretionary • Fee-based vs. commission • Educational accounts 3.2.2 Customer Account Registrations • Individual • Joint • Corporate/institutional • Trust (e.g., revocable, irrevocable) • Custodial (e.g., UTMA) • Partnerships • Retirement (e.g., individual retirement account (IRA), qualified plans) ◦ Types and characteristics 11 ◦ Required minimum distributions ◦ Contributions 3.2.3 Anti-money Laundering (AML) • Definition of money laundering • Stages of money laundering (e.g., structuring, layering, placement) • AML compliance program • Suspicious Activity Report (SAR) • Currency Transaction Report (CTR) • FinCEN • Office of Foreign Asset Control (OFAC) and the Specially Designated Nationals and Blocked Persons (SDNs) List