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Thorough paper trail equals transparency

The bank’s AML compliance officer should have ready access to the bank’s board of directors.

An effective BSA compliance program would entail allowing a BSA compliance officer to have direct communication with the members of a the board of directors.

Consolidated information assists senior management and the board of directors in understanding and appropriately mitigating risks across the organization.

A mutual fund is a potential high risk customer type

As part of its internal controls, an organization should maintain appropriate arrangements to protect the confidentiality of a Suspicious Activity Report, including policies and procedures.

A common AML risk associated with e-banking products is that transactions are instantaneous

While analyzing wire transfers sent during the previous month, you notice that 17 wire transfers totaling $182,000 were sent from the account of a small convenience store to an individual in Spain.

Indicate which of the following types of businesses are MSBs

Like other illegal activities, the laundering of terrorist financing generally involves transactions of substantially large amounts.