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Which three are examples of best practices terms of ensuring an adequate AML program?
Which three are examples of best practices terms of ensuring an adequate AML program?A . Engage an independent party to perform a periodic review of the programB . Review applicable domestic and international AML guidanceC . Perform a risk analysis on a regular basis and compare it to the coverage...
Which three are principles found in the document “Principles of information Exchange between Financial Intelligence Units (FIUs)”?
Which three are principles found in the document “Principles of information Exchange between Financial Intelligence Units (FIUs)”?A . The exchange of information between FIUs should take place as informally and as rapidly as possible and with no prerequisites, while guaranteeing protection of privacy and confidentiality of the shared dataB ....
In the FATF 40 recommendations, the focus of AML efforts has been expanded beyond Financial Institutions. Which three businesses and/or professions are covered? Choose 3 answers
In the FATF 40 recommendations, the focus of AML efforts has been expanded beyond Financial Institutions. Which three businesses and/or professions are covered? Choose 3 answersA . casinos, when customers engage in financial transactions equal to or above a designated ThresholdB . Real estate agents when they are involved in...
When an institution conducts an internal investigation into an account following a law enforcement inquiry, it should consider a number of factors to independently determine if the account should be dosed. Which three considerations should be made when making the determination about closing an account? Choose 3 answers
When an institution conducts an internal investigation into an account following a law enforcement inquiry, it should consider a number of factors to independently determine if the account should be dosed. Which three considerations should be made when making the determination about closing an account? Choose 3 answersA . The...
Which activity is most likely to facilitate money laundering through on-line systems with inadequate controls?
Which activity is most likely to facilitate money laundering through on-line systems with inadequate controls?A . Conducting a large volume of transactionsB . Providing continuous worldwide accessC . Conducting anonymous transactionsD . Conducting large value transactionsView AnswerAnswer: B
A customer has held an account at a local credit institution for 10 years. The account has received deposits twice weekly for the same amount and has never shown signs of suspect behavior. Monitoring software indicated that in the past few months the account has received several large deposits that were not in line with the account history. When asked, the customer states she recently sold a piece of property, which is supported with a proof of sale. What should the compliance officer do next?
A customer has held an account at a local credit institution for 10 years. The account has received deposits twice weekly for the same amount and has never shown signs of suspect behavior. Monitoring software indicated that in the past few months the account has received several large deposits that...
Federal law requires all U.S. financial institutions to secure and maintain all records and supporting documentation used m suspicious activity reporting for how many years?
Federal law requires all U.S. financial institutions to secure and maintain all records and supporting documentation used m suspicious activity reporting for how many years?A . 2 yearsB . 5 yearsC . 10 yearsD . No requirementView AnswerAnswer: B
A prospective AML officer comes highly recommended by a bank’s up-stream correspondent institution of similar size and make-up, located in a different city in the same country. The bank is interested in hiring the individual. What should be the next step taken by the Board of Directors?
A prospective AML officer comes highly recommended by a bank’s up-stream correspondent institution of similar size and make-up, located in a different city in the same country. The bank is interested in hiring the individual. What should be the next step taken by the Board of Directors?A . Do a...
Which two aspects of the security broker dealer industry increase its exposure to money laundering? Choose 2 answers
Which two aspects of the security broker dealer industry increase its exposure to money laundering? Choose 2 answersA . The routine use of wire transfers from, to or through multiple jurisdictionsB . They easy conversion of holdings to cash with significant loss of principalC . Disposing of cash through securities...
What is the term for trading through multiple accounts, where an individual generates offsetting profits and losses and transfers of positions through accounts that do not appear to be commonly controlled?
What is the term for trading through multiple accounts, where an individual generates offsetting profits and losses and transfers of positions through accounts that do not appear to be commonly controlled?A . Ponzi schemeB . Market ManipulationC . Net TradingD . Wash TradingView AnswerAnswer: D
