- All Exams Instant Download
To whom should the investigator escalate these concerns?
Upon a routine account review a money laundering investigator identified a number of large round dollar wire transfer deposits into a business account owned by a local auto repair shop. The wire transfers all originated from a country that is a known financial secrecy haven with poor anti-money laundering controls....
Which two factors should increase the risk of a correspondent bank customer and require additional due diligence according to the Wolfsberg Anti-Money Laundering Principles for Correspondent Banking? (Choose two.)
Which two factors should increase the risk of a correspondent bank customer and require additional due diligence according to the Wolfsberg Anti-Money Laundering Principles for Correspondent Banking? (Choose two.)A . The customer is located in a Financial Action Task Force member country and provides services primarily to a local individual...
Which step should an institution located in this jurisdiction take to ensure compliance?
A government has instituted new anti-money laundering laws which require all financial institutions to obtain certain information from its customers. Which step should an institution located in this jurisdiction take to ensure compliance?A . Change procedures to require that the necessary information is obtainedB . Change procedures and systems as...
What must the foreign bank provide to the U.S. bank under the USA PATRIOT Act?
A foreign bank operating under an offshore license wants to open a correspondent account with a United States (U.S.) bank. The foreign bank plans to provide payable through account services to some of its customers. What must the foreign bank provide to the U.S. bank under the USA PATRIOT Act?A...
In which two ways does a government Financial Intelligence Unit interact with public and private sectors? (Choose two.)
In which two ways does a government Financial Intelligence Unit interact with public and private sectors? (Choose two.)A . It governs the methods of investigation used by competent authoritiesB . It mediates disputes between financial institutions and investigative authoritiesC . It receives and analyzes disclosures filed by financial and non-bank...
What should countries do to help prevent non-profit organizations from being abused for the financing of terrorism according to the Financial Action Task Force 40 Recommendations?
What should countries do to help prevent non-profit organizations from being abused for the financing of terrorism according to the Financial Action Task Force 40 Recommendations?A . Allow for freezing assets of non-profit organizationsB . Require all non-profit organizations to register with the country’s financial intelligence unitC . Ensure non-profit...
Which red flag indicates the highest anti-money laundering risk?
The compliance officer at a crowdfunding website is in charge of monitoring new crowdfunding projects. Recently, the number of crowdfunding projects has significantly increased. Which red flag indicates the highest anti-money laundering risk?A . Those with the largest number of donorsB . Projects that get funding within days of their...
Why do governments and multi-national bodies impose economic sanctions?
Why do governments and multi-national bodies impose economic sanctions?A . To impede kleptocracyB . To enforce foreign policy objectivesC . To combat an imminent terrorist threatD . To prevent fraudulent international trade transactionsView AnswerAnswer: B Explanation: Reference: https://en.wikipedia.org/wiki/Economic_sanctions
What is the correct next course of action?
A compliance officer learns from an Information Technology (IT) source of a potential new financial service being discussed by the new product approval committee. What is the correct next course of action?A . Request that the new product approval committee include the compliance officer.B . Go to the board of...
The Wolfsberg Anti-Money Laundering Principles for Private Banking require new clients to be approved by whom?
The Wolfsberg Anti-Money Laundering Principles for Private Banking require new clients to be approved by whom?A . The board of directorsB . Only the private bankerC . The private banker’s supervisorD . At least one person other than the private bankerView AnswerAnswer: D Explanation: Reference: https://www.wolfsberg-principles.com/sites/default/files/wb/pdfs/wolfsberg-standards/10.% 20Wolfsberg-Private-Banking-Prinicples-May-2012.pdf (04)
