A customer comes into a financial institution and deposits a large amount of cash. He has never done that before. When asked about the deposit, he indicates he recently sold a used car and received cash.
He does not trust forms of payment and is wary of counterfeit money orders. What should the bank do?
Which situation is the highest risk for money laundering and terrorist financing activity?
Why do organized crime groups often use front companies? (Choose two).
Which should be provided to the board of directors or designated specialized committee when reporting SARs/STRs?
A compliance officer identifies a potentially significant risk in a popular financial product. Further investigation reveals there is no mitigating control.
Which course of action should the compliance officer take?
