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Question 46 - 312-82 discussion

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FinCEN requires any person engaging in the business of money transmission or the transfer of funds, including CVC, to (I) maintain an ''effective'' written anti-money laundering program reasonably designed to prevent the business from being employed to help the financing of terrorist activities and money laundering and________.

A.

Report suspidous transactions

Answers
A.

Report suspidous transactions

B.

Registry as a money service business

Answers
B.

Registry as a money service business

C.

Maintain detailed records of all customers

Answers
C.

Maintain detailed records of all customers

D.

Submit reports to the SEC

Answers
D.

Submit reports to the SEC

Suggested answer: A

Explanation:

FinCEN requires money transmitters and companies involved in virtual currency (CVC) transmission to report suspicious transactions as part of their anti-money laundering (AML) responsibilities. This is in addition to maintaining an effective AML program and registering as a money service business (MSB).

Key Details:

AML Program: The program must be reasonably designed to detect and prevent the use of financial services for money laundering or terrorist financing.

Reporting Suspicious Activity: FinCEN mandates that companies must file Suspicious Activity Reports (SARs) for any transactions that appear to be potentially suspicious or indicative of illegal activities.

Regulatory Compliance: This requirement ensures that businesses adhere to federal regulations, contributing to a secure financial system by monitoring and reporting illicit activity.

Therefore, A. Report suspicious transactions is the correct answer, as this is a key requirement for companies under FinCEN's regulations regarding money transmission and virtual currencies.


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asked 24/10/2024
Jonathan Dowds
37 questions
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