A law enforcement agent calls a bank anti-money laundering investigator for supporting information about a suspicious transaction report that was filed the previous month. How should the…

The correct answer is A. Refer the agent to the bank's compliance officer. A U.S. bank must block or reject an international funds transfer when there is an OFAC designated party to the transaction, regardless of the beneficiary or the correspondent bank. This is because the U.S. bank is prohibited from dealing with any person or entity that is on the…

Conducting and Responding to Investigations

Question

A law enforcement agent calls a bank anti-money laundering investigator for supporting information about a suspicious transaction report that was filed the previous month. How should the investigator respond?

Options

ARefer the agent to the bank's compliance officer
BSend the information to an address provided by the agent
CShare the requested information during the telephone call
DRequire a search warrant before releasing the information

How the community answered

(33 responses)

A
79% (26)
B
6% (2)
C
3% (1)
D
12% (4)

Explanation

A U.S. bank must block or reject an international funds transfer when there is an OFAC designated party to the transaction, regardless of the beneficiary or the correspondent bank. This is because the U.S. bank is prohibited from dealing with any person or entity that is on the Specially Designated Nationals and Blocked Persons List (SDN List) or subject to any other OFAC sanctions program. The SDN List includes individuals, groups, and entities, such as terrorists and narcotics traffickers, that are designated under programs that are not country- specific. The U.S. bank must also report any blocked or rejected transactions to OFAC within 10

Topics

#law enforcement requests#SAR confidentiality#investigation response#compliance officer role

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