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How can dealers in high-value items be at risk for money laundering?
How can dealers in high-value items be at risk for money laundering?A . The value of precious metals such as gold and silver is constantly fluctuating.B . Carrying large amounts of gems of high value is physically easyC . Paperwork is not required to ship precious metals and gemsD ....
What steps should the institution take?
After an institution files an STR with regard to a particular account, a law enforcement agent requests the institution to keep the account open until advised otherwise by law enforcement. What steps should the institution take?A . The institution should close the account in order not to be caught in...
To ensure that an institution’s anti-money laundering program is current, which step should be taken?
To ensure that an institution’s anti-money laundering program is current, which step should be taken?A . The program should be evaluated and updated at least every six months be the Board of DirectorsB . The program should be reviews by a federal law enforcement officer for gaps in controlsC ....
Which report is the most useful?
An anti-money laundering specialist at a large institution is responsible for information senior management about the status of the anti-money laundering program across the organization. Which report is the most useful?A . The total credit exposure for non-cooperative countries and territoriesB . Results of related audits and examinationsC . Details...
What should a compliance officer do during an ongoing investigation into a client’s activities by a competent authority?
What should a compliance officer do during an ongoing investigation into a client’s activities by a competent authority?A . Ensure communication with regulatory and law enforcement authorities is conducted only through the Board of DirectorsB . Communicate only in writing regulatory and law enforcement authorities in line with applicable local...
How does a regulatory body typically obtain international assistance in a money Laundering inquiry?
How does a regulatory body typically obtain international assistance in a money Laundering inquiry?A . By filing a request under Egmont guidelinesB . By submitting a request for overseas assistance to the corresponding supervisory bodyC . By contacting the FATF, Organization for Economic Co-operation and Development, or other international organizations...
What is a criterion for FATF membership?
What is a criterion for FATF membership?A . The country should be democracyB . The country should be a member of a FATF-style regional bodyC . The country should have already implemented all of the FATF RecommendationsD . The country should have already implemented the standards of the European Union...
What are three risk factors a financial institution should examine with regard to a proposed new product?
What are three risk factors a financial institution should examine with regard to a proposed new product?A . The complexity of the productB . The need to verify the identification of the customerC . Whether the product is easily transferableD . Whether other financial institutions are marketing the productView AnswerAnswer:...
When requested by law enforcement via legal process to provide records or documentation, what should the officers of financial institution do?
When requested by law enforcement via legal process to provide records or documentation, what should the officers of financial institution do?A . Provide all records and documents the officer believes would be pertinent to the law enforcement agent’s investigationB . Refuse to provide any records or documents until the agent...
A commission regotorie would be used in which gateway to obtain information from another country?
A commission regotorie would be used in which gateway to obtain information from another country?A . An FIU request under the Egmont principlesB . An MLAT requestC . A supervisory channel request with the Basel CommitteeD . A FATF requestView AnswerAnswer: B
