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 owner of a local manufacturing company that has a pre-existing account at your bank. He wishes to open a payroll account to pay his 37 employees.

3. ¿Adónde va Isabel por la mañana?

Which of the following transaction types, entities, or circumstances should cause the initiation of an OFAC check?

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.