Wolfsberg Questionnaire

Location (Country):

United States

11. Does the Entity have a programme that sets minimum AML, CTF and Sanctions standards regarding the following components:

11a. Appointed Officer with sufficient experience / expertise

Yes

11d. Cash Reporting

Yes

11f. EDD

11g. Independent Testing

11h. Periodic Review 

11i. Policies and Procedures

11k. Risk Assessment 

11l. Sanctions 

11m. Suspicious Activity Reporting

12. Is the Entity's AML, CTF & Sanctions policy approved at least annually by the Board or equivalent Senior Management Committee?

13. Does the Entity use third parties to carry out any components of its AML, CTF & Sanctions programme?

13a. If Y, provide further details

Capital One employs third parties to assist in carrying out some of the functions of its AML program. It provides the same training to third parties as its full-time AML associates.

18. Has the Entity documented policies and procedures consistent with applicable AML, CTF & Sanctions regulations and requirements to reasonably prevent, detect and report:

18a. Money laundering

Yes

18b. Terrorist financing

18c. Sanctions violations

Yes

19. Does the Entity have policies and procedures that:

19a. Prohibit the opening and keeping of anonymous and fictitious named accounts

19b. Prohibit the opening and keeping of accounts for unlicensed banks and / or NBFIs

19c. Prohibit dealing with other entities that provide banking services to unlicensed banks

19d. Prohibit accounts / relationships with shell banks

19e. Prohibit dealing with another Entity that provides services to shell banks

19f. Prohibit opening and keeping of accounts for Section 311 designated entities

19g. Prohibit opening and keeping of accounts for any of unlicensed / unregulated remittance agents, exchanges houses, casa de cambio, bureaux de change or money transfer agents

19h. Assess the risks of relationships with domestic and foreign PEPs, including their family and close associates

19i. Define the processes for escalating financial crime risk issues/potentially suspicious activity identified by employees

19j. Outline the processes regarding screening for sanctions, PEPs and negative media 

20. Has the Entity defined a risk tolerance statement or similar document which defines a risk boundary around their business?

Yes

21. Does the Entity have a record retention procedures that comply with applicable laws?

21a. If Y, what is the retention period?

5 years or more

32. Does the Entity have risk based policies, procedures and monitoring processes for the identification and reporting of suspicious activity?

33. What is the method used by the Entity to monitor transactions for suspicious activities?

Combination of automated and manual

34. Does the Entity have regulatory requirements to report suspicious transactions?

34a. If Y, does the Entity have policies, procedures and processes to comply with suspicious transactions reporting requirements?

Yes

35. Does the Entity have policies, procedures and processes to review and escalate matters arising from the monitoring of customer transactions and activity?

39. Does the Entity have policies, procedures or other controls reasonably designed to prohibit and/or detect actions taken to evade applicable sanctions prohibitions, such as stripping, or the resubmission and/or masking, of sanctions relevant information in cross border transactions?

Yes

40. Does the Entity screen its customers, including beneficial ownership information collected by the Entity, during onboarding and regularly thereafter against Sanctions Lists?

41. Select the Sanctions Lists used by the Entity in its sanctions screening processes:

Used for screening customers and beneficial owners and for filtering transactional data

41b. United States Department of the Treasury's Office of Foreign Assets Control (OFAC)

Used for screening customers and beneficial owners and for filtering transactional data

41c. Office of Financial Sanctions Implementation HMT (OFSI)

Used for screening customers and beneficial owners and for filtering transactional data

41d. European Union Consolidated List (EU)

41e. Lists maintained by other G7 member countries

Used for screening customers and beneficial owners and for filtering transactional data

42. Does the Entity have a physical presence, e.g., branches, subsidiaries, or representative offices located in countries / regions against which UN, OFAC, OFSI, EU and G7 member countries have enacted comprehensive jurisdiction-based Sanctions?

45. In addition to inspections by the government supervisors / regulators, does the Entity have an internal audit function, a testing function or other independent third party, or both, that assesses FCC AML, CTF, ABC, Fraud and Sanctions policies and practices on a regular basis? 

Yes