What is the assessment of member accounts after inquiries called?

Study for the Certified Bank Secrecy Act Professional Test. Use flashcards and multiple-choice questions with hints and explanations. Get exam ready!

Multiple Choice

What is the assessment of member accounts after inquiries called?

Account review is the focused, account-level examination conducted after inquiries to verify activity, sources of funds, and documentation tied to a member’s accounts. This process helps determine whether what’s been observed aligns with the customer profile and the bank’s compliance rules, or if further action is needed such as heightened monitoring or filing a suspicious activity report. It’s different from a general risk assessment, which looks at overall program or customer risk, and it’s not about the actual transactions themselves or legal documents like subpoenas. For example, if regulators question a member’s large deposits, the bank would perform an account review to confirm details, assess patterns, and decide on the appropriate next steps.

Account review is the focused, account-level examination conducted after inquiries to verify activity, sources of funds, and documentation tied to a member’s accounts. This process helps determine whether what’s been observed aligns with the customer profile and the bank’s compliance rules, or if further action is needed such as heightened monitoring or filing a suspicious activity report. It’s different from a general risk assessment, which looks at overall program or customer risk, and it’s not about the actual transactions themselves or legal documents like subpoenas. For example, if regulators question a member’s large deposits, the bank would perform an account review to confirm details, assess patterns, and decide on the appropriate next steps.

More practice questions