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What is considered a red flag for potential money laundering in this situation?
A bank has opened a new account for a well-known attorney to manage client funds. During the first six months, bank staff observe the account receives multiple deposits via wire transfer. They also observe that the attorney withdraws cash, makes payments to various people, and transfers funds to the law...
Trusts established in certain offshore jurisdictions make good vehicles to lay under money for which of the following reasons?
Trusts established in certain offshore jurisdictions make good vehicles to lay under money for which of the following reasons?A . Names of the settlor and beneficiaries are into publicly available. B. Trusts are typically set up to minimize taxes. C. Offshore jurisdictions are unfamiliar with trust. D. Trusts may hold...
A benefit of using bearer shares in corporate formations is that bearer shares are:
A benefit of using bearer shares in corporate formations is that bearer shares are:A . widely accepted in the financial world. B. entered in the register of owners. C. associated with lower costs in setting up a company. D. easily transferred so the holder claims ownership.View AnswerAnswer: D Explanation: Reference:...
Which is a key role of FATF-Style Regional Bodies (FSRBs)?
Which is a key role of FATF-Style Regional Bodies (FSRBs)?A . Support the system of mutual evaluation B. Setting regional standards for combatting money laundering C. Bring additional terrorist financing laws into action in the region D. Enforce the specific FATF laws in the regionView AnswerAnswer: A
Upon filing a suspicious transaction report, which of th following elements should be the highest anti-money laundering priority in making the decision to keep the account open?
Upon filing a suspicious transaction report, which of th following elements should be the highest anti-money laundering priority in making the decision to keep the account open?A . Financial impact on the institution if the account is closed. B. Procedures to ascertain the potential risk to the organization. C. Additional...
