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Question 296

A new AML Officer for a US-based money service business (MSB) is drafting procedures around types
of activity that require further review. Which should be included? (Choose two.)

  • A. A customer visiting multiple branches of the MSB on the same day in order to transfer funds internationally. Most Votes
  • B. A customer buying several money orders totaling over $10,000 USD using debit card on the same day using government-issued identification.
  • C. A customer sending funds to a family member living in a high-risk jurisdiction that is subject to civil unrest.
  • D. A customer buying multiple money orders for $250 totaling $2,000 USD.
  • E. A customer attempting to buy money orders under $3,000 USD in cash multiple times a day. Most Votes
Answer:

A, B


Explanation:
Reference:
https://www.fdic.gov/regulations/safety/manual/section8-1.pdf

User Votes:
A 25 votes
50%
B 2 votes
50%
C 5 votes
50%
D 4 votes
50%
E 24 votes
50%
Discussions
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spilksch
8 months ago

A is obvious. E. Money order issuers are subject to the travel rule. FinCEN’s threshold for money orders is $3,000.

0
aseel
6 months ago

A. A customer visiting multiple branches of the MSB on the same day in order to transfer funds internationally.
E. A customer attempting to buy money orders under $3,000 USD in cash multiple times a day.

0
alban_999
6 days, 5 hours ago

Option A and E activities are indicative of potential money laundering behaviors and warrant further scrutiny. I don't think B because while this activity involves a significant amount of money, the use of a debit card and government-issued identification may reduce the suspicion level compared to cash transactions.

0