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A risk factor when dealing with bulk cash shipments is knowing the true origination of the cash.

Without a general understanding of the BSA, the board of directors cannot adequately provide BSA/AML oversight; approve BSA/AML policies, procedures, and processes; or provide sufficient BSA/AML resources.

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.