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Eccouncil Exam 312-82 Topic 1 Question 1 Discussion
Topic #: 1
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________.
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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