A physical person assessed as a medium-risk customer makes an extraordinary large cash deposit in his account at a financial institution. The customer is unable to provide an explanation for the large cash deposit. Which action should be taken next?
A.
Terminate the relationship with the customer
B.
Warn the customer not to repeat such transactions.
An unexplained large cash deposit is a potential money laundering red flag. The appropriate next step is to file a suspicious transaction report (STR) in accordance with regulatory requirements and the institution’s AML procedures.
Contribute your Thoughts:
Chosen Answer:
This is a voting comment (?). You can switch to a simple comment. It is better to Upvote an existing comment if you don't have anything to add.
Submit