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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 ....
Which information must Bank A obtain under the USA PATRIOT Act?
A non-U.S. bank wants to open an account at Bank A, which is a U.S.-based bank. Which information must Bank A obtain under the USA PATRIOT Act?A . A complete client list from the non-C . bankD . The identity of owners and percentage of ownership of the non-F ....
What action should the employee take?
An employee hears a colleague on the telephone with a customer giving advice on how to ensure that a suspicious transaction report will not be filed as a result of a future transaction. What action should the employee take?A . Report the conversation to the local policeB . Report the...
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...
What are two red flags that indicate money laundering?
A customer brings $15,000 worth of chips into a casino and plays various games. The customer redeems all the remaining chips and requests a wire transfer of the proceeds to an unrelated third party. What are two red flags that indicate money laundering? (Choose two.)A . Customer redeeming all remaining...
How should the branch manager respond to this activity?
The branch manager notices that a number of customers come in weekly and always use the same teller to process their deposits. The manager notices that the customers and the teller, who are from the same ethnic group, are speaking in a foreign language and every once in a while...
Which step should an institution located in this jurisdiction take to ensure compliance?
A government has instituted a 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...
Which red flag indicates the highest anti-money laundering risk?
The compliance officer at a crowd funding website is in charge of monitoring new crowd funding projects. Recently, the number of crowd funding 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...
What is the role of the auditor during the correction phase?
An anti-money laundering audit identifies a significant weakness in how transaction monitoring alerts are cleared. Audit sampling identified potentially suspicious activity that was cleared as not suspicious. Management accepts the audit finding and develops a remediation plan. What is the role of the auditor during the correction phase?A . Directing...
Which red flag should prompt additional transactional review?
A bank compliance officer has implemented enhanced monitoring rules that have identified some unusual activity that may be indicative of human trafficking. Which red flag should prompt additional transactional review?A . Wire transfer activity from countries with significant migrant populationsB . Cash deposits that occur in cities where the customer...
