In reviewing recent activity, a compliance officer for a money transmitter that several customers are each remitting the same amount of money but much more frequently.How should the institution respond?
Answer(s): C
In the summer, an institution identifies anti-money laundering concerns regarding a customer’s account activity. The customer, an ice cream parlor, has deposited a lot of checks drawn on banks in foreign countries, sent large number of high dollar international wires to different countries, made cash deposits of a few hundred dollars every few days and written multiple checks for a few hundred dollars to the same dozen payees every two weeks.Which two transaction types warrant investigation? (Choose two.)
Answer(s): B,D
Which three methods are commonly used by an accountant to launder money? (Choose three.)
Answer(s): C,D,E
A bank located in Arizona is considering a loan application for a new client. The collateral for the loan is a property in Florida.The loan will be in the name of a limited liability company (LLC) whose ownership is not disclosed to the bank. The LLC was established by a New York-based attorney.The loan will be repaid by the LLC in monthly wire transfers of $9, 000 which is more than the required monthly payment.Which aspect indicates the potential for money laundering?
Answer(s): A,C
What is a key risk associated with Correspondent Accounts according to the Basel Customer Due Diligence paper?
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