According to the course materials, what are measures that can be taken to reduce financial crime involving correspondence banking? (select all, if any, that apply)Group of answer choicesAnti-Money Laundering Act of 2020 s 6308 grants US Treasury and DOJ authority to subpoena any record relating to a correspondent account ‘or any account at the foreign bank’, including records maintained outside the United States.Senior officer approval of all correspondent banking relationshipsUS ‘Patriot Act’ forfeiture powerBan correspondent relationship with shell banksDocumentation to support decisionsEnhanced due diligence of correspondent banking relationshipsAnnual review of all foreign correspondent bank relationshipsKeep all computer software up to date so to prevent cyber attacks

The banks' activities have come under close ___________ due to the crimes of its employees. Responsesscrutinyscrutinydefamationdefamationcompactcompactexaltation

What mechanism is usually implemented by banks to prevent fraudulent activities in payment and remittance services?Manual monitoring of all transactionsAutomated fraud detection systemsPhysical verification of all international transactionsDaily limits on all transactions

Which of the classic three stages of the money laundering typologies presents the highest risk to criminals for being caught in the act of money laundering?Group of answer choicesLayeringAll available answersIntegrationPlacement

Which regulation primarily aims at preventing identity theft in banking operations?POS guidelinesKYC normsAML guidelinesDigital Signature regulation

9.Question 9With regard to emerging payments methods and moneylaundering, the parallel banking system, not tied to any country or government,is of significant concern to the anti-money laundering community.1 pointTrueFalse