A compliance officer is reviewing the activity of the wire transfer department for the previous month and identifies an unusual wire transfer from a customer's account.
Which information should be included in the review of the customer's activity?
Correct Answer: B
Wire transfer requests initiated by phone and internet should be included in the review of the customer's activity, as they may indicate a higher risk of fraud, identity theft, or money laundering. Phone and internet wire transfers are more vulnerable to cyberattacks, phishing, or social engineering, and may bypass some of the verification and authentication procedures that are applied to in-person or paper-based requests. Therefore, the compliance officer should monitor these requests for any signs of unusual or suspicious activity, such as changes in beneficiary, amount, frequency, or destination of the wires.
Reference:
ACAMS CAMS Certification Study Guide, 6th Edition, page 41
ACAMS CAMS Certification Exam Outline, 6th Edition, Domain 2, Task 2.1
ACAMS CAMS Certification Video Training Course, Module 2, Lesson 2.1
Exam CAMS: Certified Anti-Money Laundering Specialist (the 6th edition), Question 325