The compliance department receives an internal referral that appears to indicate terrorist financing. What is the first step that should be taken in the investigation process?

Question

Options

• ANotify the Board of Directors.
• BImmediately file a suspicious activity report.
• CGather background and transaction information.
• DExit the relationship.

• A
  13% (4)
• B
  6% (2)
• C
  78% (25)
• D
  3% (1)

Explanation

According to the 6th edition Certified Anti-Money Laundering Specialist Study Guide, when the compliance department receives an internal referral that appears to indicate terrorist financing, the first step in the investigation process should be to gather background and transaction information. This includes obtaining customer identification and verifying customer data, obtaining additional information about the customer and the transaction, and reviewing the transaction activity. This information will help to determine if the referral is accurate and if further action is

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