A branch manager for a small community bank has a new customer who deposits four EUR 50,000 checks into one account. Shortly thereafter, the customer goes to another branch and asks to transfer all but EUR 1,500 to three accounts in different foreign jurisdictions.Which suspicious activity should be the focus of the suspicious transaction report?
A government has instituted new anti-money laundering laws which require all financial institutions to obtain certain information from its customers.Which step should an institution located in this jurisdiction take to ensure compliance?
An anti-money laundering audit identifies a significant weakness in how transaction monitoring alerts are cleared. Audit sampling identified potentially suspicious activity that was cleared as not suspicious. Management accepts the audit finding and develops a remediation plan.What is the role of the auditor during the correction phase?
Which method to launder money through deposit-taking institutions is closely associated with international trade?
A customer opens a corporate account with a broker-dealer on behalf of several beneficial owners, with a stated long-term investment goal. The customer deposits $25.5 million into the account and three days later transfers $5 million to an overseas bank. Shortly thereafter, the customer begins making numerous purchases of pesos. The compliance officer receives a query regarding the movement of funds. Within a month of account opening, the customer depletes the account.Which two red flags should prompt the firm's compliance officer to take action? (Choose two.)
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?
