The U.S. enacted a new law named the Anti-Money Laundering Act of 2020 (AML Act) that includes provisions that have a long-arm jurisdiction and can impact foreign financial institutions. 

Examples of money laundering activity and suspicious activity monitoring and reporting can and should be tailored to each individual audience. Training should encompass information related to applicable business lines, such as trust services, international, and private banking.

The four (4) components to monitoring for suspicious activity include:

When assessing the risk level of a Third-Party Payment Processor, all of the following should be completed EXCEPT:

In general, a bank can rely upon the account opening procedures the master account holder bank applies to its sub-account holders.

In the following example indicate whether value is transferred to the 1. importer, or 2. exporter. Goods are invoiced at a price above fair market value.

Charities have played an important role in funding terrorist organizations.

In the following example indicate whether value is transferred to the 1. importer, or 2. exporter. Goods are priced as being of a value below their true value.

Remote deposit capture (RDC) services may increase risk of issues with recordkeeping, as well as data safety and integrity

Which of the following should also be quantified if you are evaluating the risk of the bank’s products & services?