Flashcards Studio

ABC Bank, a domestic bank, processes a series of cash deposits for DEF Corp. within a 24-hour period, totaling an amount that exceeds the AMLA threshold. The deposits are made through different tellers and no report is filed with the AMLC. (a) Identify the actors and their relationships. (b) Decide whether the series of deposits constitutes a "covered transaction" under the Anti-Money Laundering Act and what reporting obligation attaches to the bank. (c) If the bank fails to report, what liability or penalties may be imposed under the AMLA?