Investigating Suspected Mule Accounts
Question
When investigating an AML event, which techniques would be used to investigate suspected mule accounts? (Choose three.)
Answers
Explanations
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A. B. C. D. E. F.ADE
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When investigating suspected mule accounts in an Anti-Money Laundering (AML) event, there are several techniques that can be employed. The three techniques commonly used are:
Reconcile the stated purpose of the account with actual transaction history and compare with peer groups: This technique involves examining the stated purpose of the account, as provided by the account holder, and comparing it with the actual transaction history. It helps determine if the account's activities align with its intended purpose. Additionally, comparing the account's transaction patterns with peer groups, such as similar accounts within the same institution or industry, can reveal any anomalies or suspicious activities.
Determine if the suspected accounts are being accessed by a common person, telephone number, or device: This technique focuses on identifying any commonalities in the individuals or entities accessing the suspected mule accounts. Investigators analyze whether there are shared characteristics, such as a common person, telephone number, or device, associated with these accounts. This can help uncover connections or networks involved in money laundering activities.
Establish the frequency in which the funds are moved in and out of the accounts: By analyzing the frequency of funds being moved in and out of the suspected mule accounts, investigators can identify patterns or unusual activity. Unusually high or frequent transactions can be indicators of money laundering. This technique allows for the detection of rapid movement of funds, which is often associated with money laundering schemes involving mule accounts.
It's important to note that while the other answer choices may be relevant to an AML investigation, the question specifically asks for the three techniques used to investigate suspected mule accounts. Therefore, the correct choices for this question would be A. Reconcile the stated purpose of the account with actual transaction history and compare with peer groups, B. Determine if the suspected accounts are being accessed by a common person, telephone number, or device, and E. Establish the frequency in which the funds are moved in and out of the accounts.