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

The scope of training should be functional, but bank-wide common must-know sessions are acceptable for everyone.

OFAC may grant general or specific licenses to engage in otherwise prohibited transactions

The bank’s BSA/AML risks when dealing with a processor account are similar to risks from correspondent banking relationships

OFAC has an extensive list of names of “persons” known as the OFAC list of Specially Designated Nationals (SDNs) and Blocked Persons

Existing authentication methodologies involve which of the following factors

Policies, procedures and processes on bulk shipments of cash should include all of the following, EXCEPT:

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.