Which of the following should be quantified if you are evaluating the risk of the bank’s customer base?

When dealing with an enforcement action, which of the following statements are true.

Indicate which of the following types of pouch transactions from a foreign respondent bank are likely to (1) be indicative of suspicious activity and should be further investigated, or (2) not be indicative of suspicious activity. The pouch includes multiple money orders in random denominations under $500 purchased by various individuals in the same general location and payable to various third parties.

AML monitoring systems should be based upon each customer’s historical activity.

A Bank’s non-documentary customer identification procedures should address the following situations:

The most significant feature of the misuse of corporate vehicles is the hiding of the true beneficial ownership of the company.

Internal controls should:

Indicate which of the following types of pouch transactions from a foreign respondent bank are likely to: 1. be indicative of suspicious activity and should be further investigated; or 2. not be indicative of suspicious activity. The pouch includes $735 in U.S. currency.

Evaluating the risk of new accounts is an integral component of a viable BSA/AML compliance program. The following is a brief description of new accounts. All other things being equal, how would you rate the initial risk of each account: High, or low? The customer is the son of the head of a foreign embassy in your city. He is attending the university in your city and wishes to open an account to pay for his local expenses.

ACH transactions that are originated through a Third Party Service Provider (that is, when the Originator is not a direct customer of the ODFI) may increase BSA/AML risks, therefore, making it difficult for an ODFI to underwrite and review Originator transactions for compliance with BSA/AML rules