What is a key risk associated with Correspondent Accounts according to the Basel Customer Due Diligence paper?
A law enforcement agency is reviewing a suspicious transaction report (STR) filed by a financial institution for suspicious activity on a client's account.Subsequently, the agency requests further information.Which supporting documentation might the law enforcement agency request from the institution to facilitate its investigation?
A new compliance officer is reviewing the bank's anti-money laundering program and notices that the risk assessment was completed six months ago. Since that time, the bank acquired another financial institution, re-named the internal records group, and streamlined cash handling procedures.Which factor causes the compliance officer to update the bank's risk assessment?
The Wolfsberg Anti-Money Laundering Principles for Private Banking require new clients to be approved by whom?
Which two factors should increase the risk of a correspondent bank customer and require additional due diligence according to the Wolfsberg Anti-MoneyLaundering Principles for Correspondent Banking? (Choose two.)
A customer living in a high-risk jurisdiction makes frequent, large cash deposits at a bank. The same customer sends small wire transfers to unrelated parties in other high-risk jurisdictions.What are two red flags that may indicate money laundering? (Choose two.)
