What is the appropriate compliance control for identifying politically exposed persons (PEPs) according to the Basel Committee’s paper on Customer Due Diligence for Banks?
Which of the following is the best action to take regarding a particular account once suspicious activity is reported by the institution?
A money remittance business will most likely attract money launderers because it 1.deals primarily in cash transactions. 2. engages in international transactions. 3. conducts transactions for walk -in customers. 4.does not have to comply with transaction reporting.
A suspicious transaction report filed on a car dealer structuring deposits initiates a criminal investigation. The dealer changes branches and begins placing transactions with a frontline employee to whom the dealer has given numerous gifts. This employee handles all of the dealer's structured deposits and does not report the suspicious activity internally. Questions and Answers PDF 61/148 The competent authority has advised the anti-money laundering specialist to avoid tipping off the employee until the investigation is finalized. What action should the specialist take next?
A division anti -money laundering officer for a financial institution has been conducting a monthly self-assessment. The officer reviews the accounts opened for compliance with a long standing Know Your Customer policy. The self-assessment for the latest month shows a significant increase in compliance deficiencies for the first time in more than a year. Which of the following is the next course of action for the anti-money laundering officer to take?
A bank account is established for a new business customer. The business was established five years ago with an address in another state. The business website contains few details other than stating it is a real estate business. One principal has an international telephone number and appears to be living in another country. The other principal works out of a recreational vehicle. What warrants enhanced due diligence in this scenario?
