Bank A is located in Country A. A wire transfer from Bank B located in Country B is processes by Bank A, where the funds are being moved to a customer at Bank C located in Country C. The wire…

The correct answer is A. The transaction in Country A. A financial institution that processes a wire transfer is required to file a suspicious transaction report (STR) in the jurisdiction where it is located, if it detects any red flags or indicators of money laundering, terrorism financing, or other financial crimes. The financial…

Conducting and Responding to Investigations

Question

Bank A is located in Country A. A wire transfer from Bank B located in Country B is processes by Bank A, where the funds are being moved to a customer at Bank C located in Country C. The wire transfer is deemed suspicious by Bank A. Who should Bank A file a suspicious transaction report on?

Options

AThe transaction in Country A.
BBank B in Country A.
CThe transaction in Country B.
DBank C in Country C.

How the community answered

(60 responses)

A
78% (47)
B
3% (2)
C
13% (8)
D
5% (3)

Explanation

A financial institution that processes a wire transfer is required to file a suspicious transaction report (STR) in the jurisdiction where it is located, if it detects any red flags or indicators of money laundering, terrorism financing, or other financial crimes. The financial institution does not need to file an STR in the jurisdictions of the originator or the beneficiary of the wire transfer, unless it has a branch or a subsidiary there.

Topics

#suspicious transaction report#wire transfer#STR jurisdiction#correspondent banking

Community Discussion

No community discussion yet for this question.

Full CAMS Practice