An organization is developing a comprehensive anti-money laundering (AML) framework.
Which of the following statements best describes the relationship between AML policies and procedures?
A compliance officer at a financial institution has completed an investigation into a high-risk customer's activities and determined that there are strong indications of money laundering. The compliance officer has documented their findings and is ready to recommend offboarding the customer. However, the relationship manager responsible for the customer is resistant to the idea, citing the customer’s significant revenue contribution to the institution.
What should the compliance officer do next to ensure the appropriate escalation and decision-making process is followed?
A remittance company received a money order from a senior political figure m the Philippines to transfer a large sum of money to a charity group in the Philippines. A review of the charity group revealed a director having dose ties with a known terrorist group primarily financed through kidnapping and extortion.
What is a key risk indicator associated with terrorism financing?
A foreign bank operating under an offshore license wants to open a correspondent account with a United
States (U.S.) bank. The foreign bank plans to provide payable through account services to some of its
customers.
What must the foreign bank provide to the U.S. bank under the USA PATRIOT Act?
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