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At a minimum, a bank must obtain the following identifying information from each customer before opening an account:

A financial institution’s program for customer identification should be submitted to a risk assessment.

Indicate which of the following types of pouch transactions from a foreign respondent bank are likely to (1) be indicative of suspicious activity and should be further investigated, or (2) not be indicative of suspicious activity. The pouch includes multiple money orders in random denominations under $500 purchased by various individuals in the same general location and payable to various third parties.

Your bank provides various cash management services, including delivering and receiving currency to your cash-based business customers. While you are reviewing the currency shipments made to customer 863, you notice a significant increase in the amounts shipped, and a shift from small denomination bills to $100 bills. You also notice that currency shipments received customer 863 have increased and contain very few $100 bills.

Which of the following management information systems might one use to detect unusual activity associated with electronic banking?

Not all staff within a financial institution has a role and responsibility to monitor for suspicious transactional activity.

Factors that may determine the risk level of funds transfers include which of the following?

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

The most significant feature of the misuse of corporate vehicles is the hiding of the true beneficial ownership of the company.

To address transparency concerns, SWIFT adopted a new message format for cover payments (the MT 202 COV) that contains mandatory fields for originator and beneficiary information.