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Which three do the Office of Foreign Asset Control regulations cover? Choose 3 answers
Which three do the Office of Foreign Asset Control regulations cover? Choose 3 answersA . All persons and entities within the U.S. B. All U.S.-domiciled entities and their foreign branches C. All foreign-based entities that have U.S. customers D. All U.S. citizensView AnswerAnswer: A,B,D Explanation:
How should the bank respond according to Financial Action Task Force Guidance?
Law enforcement submitted a request to a bank for information regarding one of its customers. How should the bank respond according to Financial Action Task Force Guidance?A . Provide all information requested to support the investigation B. Ensure that the request will not violate any local privacy regulations or legislation...
What does the Financial Action Task Force 40 Recommendations address on transparency of beneficial ownership?
What does the Financial Action Task Force 40 Recommendations address on transparency of beneficial ownership?A . Gatekeepers B. Correspondent banking C. Payable through accounts D. Legal persons and arrangementsView AnswerAnswer: D Explanation: Reference: https://www.fatf-gafi.org/documents/news/transparency-and-beneficial-ownership.html
Why are Money Services Business (MSBs) frequently accused of being high risk for money laundering?
Why are Money Services Business (MSBs) frequently accused of being high risk for money laundering?A . A MSB should be used to hide money from a regulated entity B. MSBs generally charge lower commission rates than banks charge making them attractive to criminals C. MSBs can route funds to more...
Which scenario should be escalated as potentially suspicious activity?
Which scenario should be escalated as potentially suspicious activity?A . A retail chain deposits cash into several operating accounts and consolidates the funds into one account. B. A domestic business account receives a wire transfer from an international business with no history of such activity or business needs. C. A...
A quarterly review is conducted on a retail customers account at a bank located in a jurisdiction with currency reporting thresholds. A number of large deposits of financial instruments drawn on other institutions in amounts under thresholds were noted. This activity did not fit the accounts historical profile. A suspicious transaction report will most likely be filed if what also occurred?
A quarterly review is conducted on a retail customers account at a bank located in a jurisdiction with currency reporting thresholds. A number of large deposits of financial instruments drawn on other institutions in amounts under thresholds were noted. This activity did not fit the accounts historical profile. A suspicious...
An AML training program should include which requirement?
An AML training program should include which requirement?A . New tellers should receive training after their first year on the identification of suspicious or unusual activity. B. New lending staff should receive annual training on the preparation of currency transaction reporting. C. New staff should receive training during employee orientation...
Which response represents a high-level principle for FATF-Style Regional Bodies (FSRB)?
Which response represents a high-level principle for FATF-Style Regional Bodies (FSRB)?A . Membership, mission, financial procedures, and budget B. Dependent with different experiences to strengthen the overall effort C. Access to documents and assistance with meetings D. Reciprocity for effective participation and recognition of workView AnswerAnswer: D Explanation: Reference: https://www.fatf-gafi.org/media/fatf/documents/High-Level%20Principles%20and%20Objectives%20for%20FATF%20and%20FSRBs.pdf...
What are four key elements that a KYC program should contain according to the Basel Committee requirements?
What are four key elements that a KYC program should contain according to the Basel Committee requirements?A . Customer onboarding, sanction monitoring, customer acceptance, customer due diligence B. Customer identification, risk assessment, customer screening, monitoring C. Customer onboarding, risk monitoring, customer acceptance, enhanced due diligence D. Customer identification, risk management,...
What should senior management do in order to promote a culture of anti-money laundering compliance?
What should senior management do in order to promote a culture of anti-money laundering compliance?A . They should include compliance with AML procedures as condition of employment B. They should attend all training sessions with front-line employment C. They should have close ties with the independent auditors of the AML...
