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 delivered to employee of...

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What are two requirements for monitoring and reporting suspicious activity for correspondent banking according to the Wolfsberg Principles? (Choose two.)

What are two requirements for monitoring and reporting suspicious activity for correspondent banking according to the Wolfsberg Principles? (Choose two.)A . Incorporate suspicious activity monitoring into periodic reviewsB . Incorporate due diligence results such as customer risk ratingsC . Utilize downstream correspondents to investigate and report suspicious activityD . Investigate and report suspicious activity...

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Which two factors should increase the risk of a correspondent bank customer and require additional due diligence according to the Wolfsberg Anti-Money Laundering Principles for Correspondent Banking? (Choose two.)

Which two factors should increase the risk of a correspondent bank customer and require additional due diligence according to the Wolfsberg Anti-Money Laundering Principles for Correspondent Banking? (Choose two.)A . The customer is located in a Financial Action Task Force member country and provides services primarily to a local individual customer.B . The customer...

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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 resides and conducts businessC...

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What are the regulatory risks to a bank employee who willfully violates anti-money laundering laws?

What are the regulatory risks to a bank employee who willfully violates anti-money laundering laws?A . Investigation and reputational damageB . Fines and suspension from the industryC . Criminal investigation and imprisonmentD . Enforcement actions including fines against the financial institution View Answer Answer: C Explanation: Reference: https://books.google.com.pk/books?id=qKLr7IdWCqsC&pg=PA9&lpg=PA9&dq=What+are+the+regulatory+risks+to+a+bank+employee+who+willfully+violates+anti-money+laundering+laws&source=bl&ots=gZzA0Ey5nB&sig=ACfU3U29fq8lwYh08XqdR1X7sWSISySPZw&hl=en&sa=X&ved=2ahUKEwiHwKHTjIvmAhWqwzgGHfW_AToQ6AEwC3oECAkQAQ#v=onepage&q=What%20are%20the %20regulatory%20risks%20to%20a%20bank%20employee%20who%20willfully%20violates%20anti­money%20laundering%20laws&f=false...

What are two sources for maintaining up-to-date sanctions information? (Choose two.)

What are two sources for maintaining up-to-date sanctions information? (Choose two.)C . Federal Bureau of Investigation’s National Security LettersF . Department of the Treasury Office of Foreign Assets Control . Department of the Treasury C Section 311 C Special Measures . Financial Action Task Force’s list of High Risk and Non-Cooperative Jurisdictions View Answer...

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