A KYC specialist from the first line of defense at a bank initiates an internal escalation based on a letter of credit received by the bank. MEMO To: Jane Doe. Compliance Manager, Bank B From: Jack Brown, KYC Specialist, Bank B RE: Concerning letter of credit A letter of credit (LC) was received from a correspondent bank. Bank
An investigator is reviewing a case generated from the transaction monitoring system, with two large amounts of incoming remittance (IR) to an individual customer. Based on the KYC profile, the customer is a plant manager of a famous multi -national electronics manufacturing firm. As the customer has no similarly large transaction patterns for the past 2 years, the investigator sends an inquiry to the relationship manager (RM) about the nature of the transaction. The RM replies that the transaction is a consultancy fee provided from two different electronics companies with a debit note provided However, there is no detail of service provided on the debit note, and the remitters are two individuals. Which actions should the investigator recommend to mitigate risk? (Select Two.)
Which statement most accurately characterizes the methods used by transnational criminal organizations?
Law enforcement agents arrive at a broker -dealer's premises with a search warrant. In addition to cooperation with the warrant, which instructions should the person in charge of the broker -dealer provide to their employees?
Due to an ever -diversifying business model and multi -jurisdictional footprint, a casino has decided to outsource the source of funds and wealth checks to a third -party provider. Why is it important for the casino to maintain control of the output from the provider?
The investigative department of a financial institution (Fl) receives an internal escalation notice from the remittance department for a SWIFT message requesting a refund due to potential fraud. The notice indicates that a total of three international incoming remittances were transferred to a corporate customer from Country A, in the amount of approximately 5 million EUR for each. The first two incoming remittances had been exchanged into currency B and transferred out to Country B a few days ago. The third incoming remittance has been held by the remittance department. As noted from the KYC profile, the corporate customer is working in the wood industry. with the last account review completed 3 months ago. Since the account's opening. there has been no history of a large amount of funds flowing through the account. The investigator conducts an Internet search and finds that the remitter is a food beverage company. The same morning, the investigator receives a call from a financial intelligence unit (FIU) inquiring about the same incident. The FIU states that it will issue a warrant to freeze the account on the same day. After further review, the decision is made that transactions appear suspicious. Which are the next steps the investigator should take? (Select Two.)
