CAMS · Question #528
An account officer who maintains an excellent relationship with the finance manager for a correspondent bank customer learns that many records for the correspondent bank have been requested by law…
The correct answer is D. The meeting should be cancelled as he has already behaved inappropriately by alerting the. The U.S. government has the authority to seize and forfeit funds in a correspondent account of a non-U.S. bank if the funds are involved in or traceable to a money laundering offense, regardless of where the offense occurred. This is based on the USA PATRIOT Act, which expanded…
Question
An account officer who maintains an excellent relationship with the finance manager for a correspondent bank customer learns that many records for the correspondent bank have been requested by law enforcement. In the interest of maintaining a good relationship with the customer, the account officer sets up a meeting to discuss the legal request with the customer. The account officer intends to discuss points related to the investigation during this meeting. Which of the following should an anti-money laundering specialist recommend?
Options
- ADiscuss all the points being investigated by law enforcement to ensure the correspondent bank is
- BLet his manager know what conversations have taken place with the customer and docu-ment the
- CLimit discussions about the investigation with the customer and be satisfied that he has provided
- DThe meeting should be cancelled as he has already behaved inappropriately by alerting the
How the community answered
(35 responses)- A6% (2)
- B3% (1)
- C11% (4)
- D80% (28)
Explanation
The U.S. government has the authority to seize and forfeit funds in a correspondent account of a non-U.S. bank if the funds are involved in or traceable to a money laundering offense, regardless of where the offense occurred. This is based on the USA PATRIOT Act, which expanded the definition of "proceeds of specified unlawful activity" to include any property that is derived from or traceable to a foreign offense that would be a predicate offense if committed in the U.S.
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