A bank employee recently opened an account for a new restaurant. Daily cash deposits over a three-month period are close to $9, 500.What are two red flags that indicate possible money laundering or terrorist financing? (Choose two.)
Answer(s): B,D
A customer has held an account at a bank and has lived locally for over 25 years. Historically he has come into the bank monthly to deposit a $1, 500 retirement check from the company where he worked. He is well known at the bank and often brings the staff cookies. Over the past four months, he has come into the bank every Monday, Wednesday, and Thursday to make $3, 000 cash deposits into his account. A review of his account shows that an $8, 500 check made out to cash clears his account each week. The bank has decided to file a suspicious transaction report (STR).What is the important fact to include in the STR?
Answer(s): B
A financial institution receives a regulatory enforcement action because of deficiencies in its anti-money laundering program. Which action should the board of directors take?
Answer(s): D
A banker in the credit department wants to assess the risk of all customers, and contacts the compliance officer to request a list of customers with suspicious transaction report filings.What should be done to protect suspicious transaction report information?
Answer(s): C
Which two aspects of precious metals pose the highest risk of money laundering? (Choose two.)
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