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Which type of scenario is helpful in mitigating this weakness?
An organization’s automated surveillance system identifies large fluctuations in customer activity. As a result of an audit, the compliance officer is informed that the system is not generating alerts when activity is consistently abnormal over a long period of time. Currently the organization is evaluating new alert scenarios in an...
Which suspicious activity should be the focus of the suspicious transaction report?
A branch manager for a small community bank has a new customer who deposits for EUR 50,000 checks into one account. Shortly thereafter, the customer goes to another branch and asks to transfer all but EUR 1,500 to three accounts in different foreign jurisdictions. Which suspicious activity should be the...
Which insurance product is particularly vulnerable to money laundering?
Which insurance product is particularly vulnerable to money laundering?A . AnnuityB . CasualtyC . CollateralD . Regulated pensionView AnswerAnswer: A
Which red flag should trigger additional investigation?
A popular restaurant in town has begun depositing less cash than it has in prior years. In a review of the customer’s accounts, you notice that credit card receipts have increased with no explanation. The account officer discovers that the restaurant has installed a privately-owned automated teller machine (ATM) onsite...
What is primary consideration the institution should keep in mind when deciding whether to agree to this request?
An institution has made the decision to exit a client relationship due to anti-money laundering concerns. Prior to starting the close out process, the institution receives a written request from a law enforcement agency to keep the account open. The client is the subject of an ongoing investigation and law...
Which two statements in the Wolfsberg Group’s “Suppression of the Financing of Terrorism” define the role financial institutions should play in the fight against terrorism? (Choose two.)
Which two statements in the Wolfsberg Group’s “Suppression of the Financing of Terrorism” define the role financial institutions should play in the fight against terrorism? (Choose two.)A . Financial institutions need to assist competent authorities in fighting terrorist financing through prevention, detection and information sharing.B . Financial institutions need to...
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...
Which two factors assist a money laundering investigation that involves multiple countries? (Choose two.)
Which two factors assist a money laundering investigation that involves multiple countries? (Choose two.)A . Law enforcement and other authorities should have access to financial information that is pertinent to the investigation.B . Every country should share all their information with foreign law enforcement and government authorities to facilitate rapid...
Which two aspects should be included in the policy in respect of intermediaries to align it with the Wolfsberg Anti-Money Laundering Principles for Private Banking?
The compliance officer for a private bank has been tasked with writing a policy on how the bank will deal with intermediaries. Which two aspects should be included in the policy in respect of intermediaries to align it with the Wolfsberg Anti-Money Laundering Principles for Private Banking? (Choose two.)A ....
What are two legal risks of having inadequate privacy policies and procedures? (Choose two.)
What are two legal risks of having inadequate privacy policies and procedures? (Choose two.)A . Diminished reputationB . Industry of regulatory sanctionsC . Charges of deceptive business practicesD . Higher marketing and public relations costsView AnswerAnswer: AB
