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An AML analyst at a financial institution is examining an alert generated by the automated transaction monitoring system to determine whether the alert should be escalated to the AML unit for further investigation or archived as a false positive. Which action might be reasonable for the AML analyst to take?
Correct Answer: C
Transaction monitoring alerts require further analysis to determine whether they indicate genuine suspicious activity or a false positive. Option C (Correct): Requesting information from the relationship manager helps gather customer background details, past transaction patterns, and business rationale. Option A (Incorrect): Below-the-line testing assesses system effectiveness but does not resolve an immediate AML alert. Option B (Incorrect): Directly contacting a counterparty bank may violate privacy regulations and should only be done if escalation is required. Option D (Incorrect): Restricting access without due diligence may lead to regulatory and reputational risks. Best Practices for Investigating AML Alerts: Review transaction history and customer risk profile. Engage the relationship manager for business context. Escalate to AML compliance teams if red flags persist. Reference: FATF Recommendation 10 (Customer Due Diligence & Monitoring) Wolfsberg Group Guidance on Transaction Monitoring & Alert Handling 6th EU AML Directive (6AMLD) on Suspicious Transaction Investigations