In order to establish if a customer is a PEP, inquire about the official responsibility of the individual’s office

PEPs refers to only individual account holders.

Due diligence for correspondent accounts must include which of the following:

Monitoring concentration accounts include(s) which of the following:

A bank can shift customer identification responsibilities to its agents (such as car dealers or mortgage brokers) to verify the identity of its customers and to maintain appropriate records.

To effectively monitor third party payment processor accounts, the bank should have an understanding of the following processor information:

An effective transaction monitoring program should include:

When quantifying your institution’s money laundering risk you should segregate loans by purpose

If the bank discovers an ongoing suspicious activity, which of the following actions should the bank take?

A financial institution should have an internal incident referral process as part of its transaction monitoring program.