Law enforcement is confidentially investigating 20 individuals suspected of belonging to a criminal network allegedly involved in laundering tens of millions of euros for cybercriminals. Which…

Question

Options

• AInvolve the bank's legal and compliance function to address the gravity of the matter.
• BPerform a search on the bank's client data platform to determine if the bank has had any business
• CN Send out an email to all of the bank's client advisors to request information on any of the
• DReport findings back to law enforcement only if they are of any significance.
• ERespond to law enforcement that their request without a judicial order would breach the bank's

• A
  84% (26)
• C
  10% (3)
• D
  3% (1)
• E
  3% (1)

Explanation

The AML Specialist at a bank should take the following actions upon receiving a confidential alert from law enforcement about suspected money launderers: Involve the bank's legal and compliance function to address the gravity of the matter and ensure that the bank's response is appropriate and lawful. The legal and compliance function can also advise on the bank's obligations and rights under the relevant laws and regulations, such as the General Data Protection Regulation (GDPR), the Bank Secrecy Act (BSA), and the USA PATRIOT Act. Perform a search on the bank's client data platform to determine if the bank has had any business with the named individuals or any related parties. The search should include current and past accounts, transactions, wire transfers, and other relevant records. The AML Specialist should also review any existing customer due diligence (CDD) and enhanced due diligence (EDD) information on the potential suspects and update them as necessary.

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