BSA/AML Examiner School - Case Study Oct 2023

LCB 12/15

Transaction Testing Checklist 22.6: Non-Bank Financial Institutions

Account Open Date

Name of NBFI

08/11/2006 06/13/2014 03/10/2011 11/18/2009 02/22/2007

1 2

XXXX XXXX

3 XXXX

4 5

XXXX XXXX

3

4

5

1

2

Y

Y

Y

Y

Y

Is the account opening documentation consistent with the institution's CIP procedures? Does the account opening documentation adequate to form a reasonable belief regarding the identity of the accountholder? Is the institution's ongoing due diligence adequate given the risk? (See Chapter 4 "Customer Due Diligence.")

Y

Y

Y

Y

Y

Y

Y

Y

Y

Y

Y

Y

Y

Y

Y

Is the actual activity consistent with the nature of the customer's business?

Y

Y

Y

Y

Y

Is the actual activity in the account consistent with the expected transactions regarding the account?

NA NA NA NA NA

If any activity appears to be suspicious, review the decision whether or not to file a SAR using the "SAR Decision Process" checklist in Chapter 5.

Comments: Account statements for September through November 2015 were reviewed. Activity on the accounts appears normal; no unusual or suspicious activity was identified.

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