The branch manager notices that a number of customers come in weekly and always use the same teller to process their deposits. The manager notices that the customers and the teller, who are from the same ethnic group, are speaking in a foreign language and every once in a while the customers from local ethnic restaurants will bring the teller lunch. The commercial customers that visit the teller generally deposit the same amount of cash each time they come in.
How should the branch manager respond to this activity?

AML - 3

Quiz
•
Professional Development
•
Professional Development
•
Hard
MUJIB MUNDEWADI
Used 1+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Transfer the teller to another branch
Conduct further investigation before taking any other action
Encourage the teller to bring in more business from the ethnic community
Suggest to the teller to send the customers to other tellers to avoid the opportunity for collusion
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A law enforcement official calls a bank inquiring about a customer who is currently under investigation. The law enforcement official requests information about the customer.
How should the bank respond?
Confirm the customer is either a current or former customer
Inform the board of directors before responding to the request
Provide the requested information to help aid in the investigation
Request a formal letter be submitted to verify the validity of the request
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A bank compliance officer has implemented enhanced monitoring rules that have identified some unusual activity that may be indicative of human trafficking.
Which red flag should prompt additional transactional review?
Wire transfer activity from countries with significant migrant populations
Cash deposits that occur in cities where the customer resides and conducts business
Cash deposits that occur in cities where the customer does not reside or conduct business
Cash deposits that occur in cities where the customer does not reside or conduct business followed by same-day withdrawals
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A non-U.S. bank wants to open an account at Bank A, which is a U.S.-based bank.
Which information must Bank A obtain under the USA PATRIOT Act?
A complete client list from the non-U.S. bank
The identity of owners and percentage of ownership of the non-U.S. bank
The structure and identity of the management team at the non-U.S. bank
The details of the non-U.S. bank's anti-money laundering compliance training program
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an essential element of Know Your Customer (KYC) standards according to the Basel Committee's Customer Due Diligence for Banks paper?
Annual staff training
A customer acceptance policy
The same KYC requirements must be applied in all cases
All completed KYC documents must be reviewed by a senior manager not involved in the account opening process
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An institution has made the decision to exit a client relationship due to anti-money laundering concerns. Prior to starting the close out process, the institution receives a written request from a law enforcement agency to keep the account open. The client is the subject of an ongoing investigation and law enforcement wants the institution to continue to monitor the account and report any suspicious activity.
What is a primary consideration the institution should keep in mind when deciding whether to agree to this request?
The anticipated cost of complying with the law enforcement request
The number of suspicious transaction reports previously filed on the client
The fact that the institution has a solid record in complying with law enforcement requests
Whether the institution can continue to meet its regulatory obligations with the accounts open
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An immigrant residing in the United States opens a bank account that includes a debit card. Several months later, the transactional monitoring system identifies small deposits into the account followed by corresponding ATM withdrawals from a country bordering a conflict zone.
How should the bank respond?
Block any further activity
File a suspicious transaction report
Initiate an investigation into the activity
Contact the customer if the transaction activity continues
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