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1. Describe at least three compliance risks faced by financial institutions vis-a-vis Specially Designated Nationals and Blocked Persons.
2. “Rafael Márquez, one of the best-known stars on Mexico’s World Cup soccer team, is….on a United States Treasury Department blacklist of people it says have helped launder money for drug cartels….FIFA, world soccer’s governing body and organizer of the World Cup, routed Mexico’s portion of the $1.5 million it sent to each team to prepare for the tournament in euros via banks unconnected with the United States financial system.” See Mexico’s World Cup Captain Is on a U.S. Blacklist.
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Please discuss the compliance risk to a bank involved in the transaction described above.
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