Question

The investigations team of a financial institution (Fl) wants to perform enhanced due diligence measures on operations done by a foreign bank related to transactions of companies that export scrap gold and silver. What would be the next best steps for the investigations team? (Select Two.)

Accepted Answer

Ask the respondent bank if it has a risk rating for the exporting companies, if the customer profiles are updated, and if so. when was the last time it was done.

Accepted Answer

Ask the respondent bank if the exporting companies have obtained an official license that permits the exporting of scrap gold and silver.

Answer

Ask the legal department if it can proceed to rescind the contract of the correspondent banking relationship since the export of scrap gold and silver is a high-risk activity.

Answer

Ask the respondent bank if it can file a SAR/STR in its jurisdiction since the investigations team also plans to do the same in the Fl's home country.

Answer

Ask the business manager who handles the relationship of the respondent bank if they can persuade the bank to close the accounts of the export companies.

The investigations team of a financial institution (Fl) wants to perform enhanced due diligence measures on operations done by a foreign bank related…

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