Each person (including a bank) who physically transports, mails, or ships currency or monetary instruments in excess of $10,000 at one time out of or into the United States (and each person who causes such transportation, mailing, or shipment) must file a Report of International Transportation of Currency or Monetary Instruments (CMIR.)

Remote deposit capture (RDC) may expose banks to fraud and breaches of information security, but not to risk of money laundering.

The new subpoena authority granted to the DOJ under AML Act 2020 includes the rights to pursue civil penalties that can be enforced via seizure of funds held in the foreign bank’s correspondent account at any U.S. financial institution. 

Charities have played an important role in funding terrorist organizations.

Commercial AML software systems are designed to be run “out of the box” and need no further tweaking to be effective.

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 a number of U.S. bank drafts from various foreign banks in even amounts of $50,000 to $100,000.

The  AML Act includes a requirement for beneficial ownership information reporting regime.

The methodology used by the Black Market Peso Exchange (BMPE) is designed solely to smuggle currency across the U.S. border.

International ACH Transaction (IAT) is a new Standard Entry Class code for ACH payments that enables financial institutions to identify and monitor international ACH payments.

The following bank reports (where available) should be integrated into the bank’s suspicious activity monitoring systems: