What does the Financial Action Task Force 40 Recommendations address on transparency of beneficial ownership?
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, renamed
the internal records group, and streamlined cash handling procedures.
Which factor causes the compliance officer to update the bank’s risk assessment?
An employee hears a colleague on the telephone with a customer giving advice on how to ensure that a
suspicious transaction report will not be filed as a result of a future transaction.
What action should the employee take?
A United States (U.S.) bank was recently alerted by law enforcement of an increase in sale of large denomination U.S. bank notes to casas de cambio. They suspect that a Mexican syndicate is operating a money laundering scheme in the bank’s jurisdiction.
Which two steps should be taken to trace funds through the bank to assist law enforcement in their investigation? (Choose two.)