What poses the greatest money laundering risk for a financial institution offering on-line services to customers?
A. There is a greater difficulty in matching the customer with the provided identification documentation
B. There is a lack of human review of the customer’s transactions
C. Institutions offering on-line services have no possibility to properly verify the identity of their customers
D. Customers have direct access to their accounts without being detected
Answer: A
Explanation:
A significant money laundering risk for a financial institution offering online customer services is that there is greater difficulty in matching the customer with the provided identification documentation.
Other risks:
. The nature of online banking itself, with the elimination of face-to-face contact between customer and employee, necessarily makes it more difficult to know who is actually controlling the account.
. The ease of access through the Internet enables crossborder movements of funds from nearly every physical location.
. The rapidity of electronic transactions enables the execution of multiple, complex transactions within very short timeframes.
Other risks:
. The nature of online banking itself, with the elimination of face-to-face contact between customer and employee, necessarily makes it more difficult to know who is actually controlling the account.
. The ease of access through the Internet enables crossborder movements of funds from nearly every physical location.
. The rapidity of electronic transactions enables the execution of multiple, complex transactions within very short timeframes.
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