U.S. banks should obtain substantially the same information on its PTA customers whose transactions will pass through the U.S. bank as it obtains on its domestic customers.

OFAC may grant general or specific licenses to engage in otherwise prohibited transactions

The bank’s AML compliance officer is ultimately responsible for the institution’s compliance with the regulations.

Under which of the following does a foreign person have direct access to a U.S. bank account

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 purchased by various remitters, and all payable to the same person.

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. 

Section 314 of the USA Patriot Act is modeled after Recommendations 27 and 31 of the FATF-GAFI and as such, this section of the Act applies to every financial institution around the globe.

The nature of legal process received will generally drive the extent of a financial institution’s investigation.

Experts generally believe terrorist financing comes primarily from which of the following sources?

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