A financial institution (FI) is being investigated for possible money laundering. When cooperating with law enforcement agencies, which additional steps should the
FI ensure are taken? (Choose two.)
Click on the arrows to vote for the correct answer
A. B. C. D. E.AE
When a financial institution (FI) is being investigated for possible money laundering, it is essential that they cooperate with law enforcement agencies. There are several additional steps that the FI should ensure are taken when cooperating with law enforcement agencies:
Centralized Control: The FI should maintain centralized control over all requests and responses to ensure completeness and timely responses. This will help ensure that all requests from law enforcement agencies are properly handled and that the FI is able to respond to these requests in a timely and efficient manner.
Review Requests: The FI should review subpoenas and other information requests by senior management and an investigations group or counsel. This will help ensure that the FI is properly complying with the requests and that they are not providing any information that could potentially harm the investigation or the FI.
The other options listed are not appropriate actions for an FI to take when cooperating with law enforcement agencies:
B. Making employees unavailable for interviews and refusing documents upon receipt of a subpoena is not appropriate. It could be viewed as obstructing an investigation, and this behavior could lead to further scrutiny and penalties.
D. Addressing the document destruction policy to ensure the relevant documents are destroyed is not appropriate. Document destruction could be viewed as destroying evidence, which is illegal and could result in criminal charges.
E. Answering inquiries from the media with "No comment" is not appropriate. It could lead to negative media attention and could potentially harm the reputation of the FI.
In summary, when a financial institution is being investigated for possible money laundering, they should ensure that they cooperate with law enforcement agencies. The FI should maintain centralized control over all requests and responses, review subpoenas and other information requests, and avoid actions that could be viewed as obstructing the investigation.