A compliance officer is reviewing the activity of the wire transfer department for the previous month and identifies an unusual wire transfer from a customer's account. Which information should be…

The correct answer is B. Wire transfer requests initiated by phone and internet. Wire transfer requests initiated by phone and internet should be included in the review of the customer's activity, as they may indicate a higher risk of fraud, identity theft, or money laundering. Phone and internet wire transfers are more vulnerable to cyberattacks, phishing…

AML/CFT Compliance Programs

Question

A compliance officer is reviewing the activity of the wire transfer department for the previous month and identifies an unusual wire transfer from a customer's account. Which information should be included in the review of the customer's activity?

Options

ARecords of the recent deposit activity
BWire transfer requests initiated by phone and internet
CTotal number of wires processed each month over the previous year
DWhether the bank processes wire transfers through a correspondent bank

How the community answered

(19 responses)

A
5% (1)
B
74% (14)
C
5% (1)
D
16% (3)

Explanation

Wire transfer requests initiated by phone and internet should be included in the review of the customer's activity, as they may indicate a higher risk of fraud, identity theft, or money laundering. Phone and internet wire transfers are more vulnerable to cyberattacks, phishing, or social engineering, and may bypass some of the verification and authentication procedures that are applied to in-person or paper-based requests. Therefore, the compliance officer should monitor these requests for any signs of unusual or suspicious activity, such as changes in beneficiary, amount, frequency, or destination of the wires.

Topics

#wire transfer monitoring#suspicious activity review#transaction records#customer activity

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