BSA/AML Examiner School - Case Study Oct 2023

LCB 12/15

Transaction Testing Checklist 22.10: Cash-Intensive Businesses

Name of Business

Account Open Date

1 2 3 4 5

XXXX XXXX

12/10/2011 10/23/2009 10/23/2009 08/29/2011 12/02/2015

Lake Blue Rentals, Inc.

XXXX XXXX

1

2

3 Y Y

4

5

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?

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

Is the actual activity in the account consistent with the expected transactions regarding the account? Is the institutions ongoing monitoring sufficient to identify potentially suspicious transactions'? 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 6.

Y

Y

Y

Y

Y

NA NA NA NA NA

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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