A United States (U.S.) bank was recently alerted by law enforcement of an increase in sale of large denomination U.S. bank notes to casas de cambio. They suspect that a Mexican syndicate is…

Question

Options

• AIdentify the money laundering scheme and submit a suspicious transaction report
• BIdentify if there is a decrease in the sale of large denomination U.S. bank notes to casas de
• CIdentify deposits by casas de cambio that include third-party items including sequentially
• DIdentify multiple wire transfers initiated by casas de cambio to jurisdictions outside of Mexico that

• A
  77% (27)
• B
  14% (5)
• C
  9% (3)

Explanation

According to the ACAMS Study Guide 6th Edition, Chapter 2, page 38, one of the steps that a financial institution should take when it suspects money laundering activity is to file a suspicious transaction report (STR) or a suspicious activity report (SAR) to the relevant authorities. This will alert the regulators and law enforcement of the potential money laundering scheme and provide them with valuable information to trace the funds and identify the perpetrators. Another step that a financial institution should take is to identify any unusual or suspicious wire transfers initiated by casas de cambio to jurisdictions outside of Mexico that bear no apparent business relationship with that casa de cambio. This could indicate that the casas de cambio are involved in layering and integration stages of money laundering, where they are moving the illicit funds across borders and disguising their origin and ownership. The financial institution should monitor and document these wire transfers and report them to the authorities if necessary.

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