According to the Financial Action Task Force Special Recommendations on Terrorist Financing, what should an anti-money laundering specialist do if the specialist has reasonable grounds to suspect funds are linked or related to terrorist acts?
You plan to perform analytics of the medical records of patients located around the world.
You need to recommend a solution that avoids storing and processing data in the cloud.
What should you include in the recommendation?
The most important concerns imposed on foreign financial institutions maintaining correspondent accounts with U.S. banks under the USA PATRIOT Act are:
1. Cancellation of correspondent banking relationships.
2. Forfeiture of funds in a U.S. interbank account.
3. Prohibition of correspondent accounts for shell banks.
4. U.S. residents maintaining private banking accounts.
Historically, a tour guide has made monthly cash deposits averaging $10,000. Over the past three months, the monthly deposits have averaged $100,000. When the financial institution questions the increased deposits, the tour guide explains that there have been numerous conventions in town so business has increased substantially.
Which further action(s) should the financial institution take?
