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What should countries do to help prevent non-profit organizations from being abused for the financing of terrorism according to the Financial Action Task Force 40 Recommendations?
What should countries do to help prevent non-profit organizations from being abused for the financing of terrorism according to the Financial Action Task Force 40 Recommendations?A . Allow for freezing assets of non-profit organizationsB . Require all non-profit organizations to register with the country’s financial intelligence unitC . Ensure non-profit...
Which step should an institution located in this jurisdiction take to ensure compliance?
A government has instituted 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 as...
How should the bank respond?
A law enforcement official calls a bank inquiring about a customer who is currently under investigation. The law enforcement official requests information about the customer. How should the bank respond?A . Confirm the customer is either a current or former customerB . Inform the board of directors before responding to...
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 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...
Is the bank’s existing anti-money laundering training adequate to be delivered to employee of the newly acquired credit card business?
A retail bank has just acquired a credit card business. The bank’s anti-money laundering policy requires that new employees are trained within 30 days of their hire date and refresher training is delivered to all employees on an annual basis. Is the bank’s existing anti-money laundering training adequate to be...
What is the goal of the Egmont Group in providing a forum for Financial Intelligence Units (FIUs) around the world?
What is the goal of the Egmont Group in providing a forum for Financial Intelligence Units (FIUs) around the world?A . To improve international laws to combat money laundering and the financing of terrorism and foster the implementation of domestic programs.B . To provide a forum for FIUs to improve...
In which two ways does a government Financial Intelligence Unit interact with public and private sectors? (Choose two.)
In which two ways does a government Financial Intelligence Unit interact with public and private sectors? (Choose two.)A . It governs the methods of investigation used by competent authoritiesB . It mediates disputes between financial institutions and investigative authoritiesC . It receives and analyzes disclosures filed by financial and non-bank...
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 are two red flags that indicate how trade-based money laundering could be occurring in this instance?
An automotive parts company in South America sends multiple $500,000 wire transfers per week to ABC Holdings Ltd. in Asia referencing payment for silk flower shipments. Research reveals Sunrise Holdings, Ltd is registered in the British Virgin Islands with no available ownership information. What are two red flags that indicate...
