The securities sector is unique in that it can be used to both introduce laundered funds as well as to generate illicit funds within the industry.

The Informal Value Transfer Systems pose heightened risks to a financial institution because:

NRAs are not permanent residents and therefore they will generally not have a legitimate need to establish an account relationship with a U.S. bank.

To effectively monitor third party payment processor accounts, the bank should have an understanding of the following processor information:

An aspect to prepare for an examination or audit is to educate the staff on proper protocol.

Transactions conducted through International ACH system are not subject of OFAC verification if the financial institution does not do cross border ACH

Remote Deposit Capture is a highly sophisticated deposit transaction delivery system that has no risks associated with recordkeeping

Which of the following should be considered if you are evaluating the risk of the location of the bank’s customers?

Key aspects of a training program would include the following:

It is important all training attendance lists be completed and retained for recordkeeping purposes.