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Which two pieces of information must a non-U.S. bank provide to its U.S. correspondent to enable them to comply with this requirement?
The USA PATRIOT Act requires United States (U.S.) financial institutions to collect certain information from non-U.S. banks that hold a correspondent account. Which two pieces of information must a non-U.S. bank provide to its U.S. correspondent to enable them to comply with this requirement? (Choose two.)A . The name and...
Which two red flags should prompt the firm’s compliance officer to take action?
A customer opens a corporate account with a broker-dealer on behalf of several beneficial owners, with a stated long-term investment goal. The customer deposits $25.5 million into the account and three days later transfers $5 million to an overseas bank. Shortly thereafter, the customer begins making numerous purchases of pesos....
To whom should this situation be escalated?
A politically exposed person (PEP) maintains an account at a bank. Last month a money laundering analyst filed a suspicious transaction report about unusual wire deposits originated by unknown individuals in the home country of the official. To whom should this situation be escalated?A . The board of directorsB ....
What is an example of the integration stage of money laundering involving a bank or another deposit-taking institution?
What is an example of the integration stage of money laundering involving a bank or another deposit-taking institution?A . Depositing illicit funds into an account set up for a front companyB . Directing third parties to exchange illicit cash for negotiable instrumentsC . Wiring illicit funds from an account at...
Which transaction is considered a red flag for potential money laundering?
A compliance officer at an insurance company has been reviewing the transaction activity of several clients. Which transaction is considered a red flag for potential money laundering?A . A client paid the quarterly life insurance premium using money orders from two different banks.B . A client from a high-risk jurisdiction...
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...
Which factor causes the compliance officer to update the bank’s risk assessment?
A new compliance officer is reviewing the bank’s anti-money laundering program and notices that the risk assessment was completed six months ago. Since that time, the bank acquired another financial institution, re-named the internal records group, and streamlined cash handling procedures. Which factor causes the compliance officer to update the...
What warrants enhanced due diligence in this scenario?
A bank account is established for a new business customer. The business was established five years ago with an address in another state. The business website contains few details other than stating it is a real estate business. One principal has an international telephone number and appears to be living...
Which two steps should be taken to trace funds through the bank to assist law enforcement in their investigation?
A United States (U.S.) bank was recently alerted by law enforcement of an increase in sale of large denomination U.S. bank notes to casas de cambio. They suspect that a Mexican syndicate is operating a money laundering scheme in the bank’s jurisdiction. Which two steps should be taken to trace...
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)
