In which two ways do Financial Action Task Force-style regional bodies influence anti-money laundering and terrorist financing standards within their respective regions? (Choose two.)

In which two ways do Financial Action Task Force-style regional bodies influence anti-money laundering and terrorist financing standards within their respective regions? (Choose two.)A . They issue typologies specific to their geographical region. B. They administer mutual evaluations of participating members. C. They enforce the laws of the member countries...

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Who should Bank A file a suspicious transaction report on?

Bank A is located in Country A. A wire transfer from Bank B located in Country B is processes by Bank A, where the funds are being moved to a customer at Bank C located in Country C. The wire transfer is deemed suspicious by Bank A. Who should Bank...

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In establishing procedures for the review of suspicious transactions and filling of STRs, what thing should an institution focus on?

In establishing procedures for the review of suspicious transactions and filling of STRs, what thing should an institution focus on?A . The need to have on-going training as to potential red flags that the institution might encounter B. The appropriateness of having a centralized review of suspicious transactions and recommendations...

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Which of the following is the most important consideration when deciding whether to recommend closing the account?

A suspicious transaction report has been filed on an account owned by the wife of the bank’s ChiefExecutive Officer. Which of the following is the most important consideration when deciding whether to recommend closing the account?A . The institution’s anti-money laundering policy B. Requests from the competent authority C. Customer...

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Which three statements from the procedure are in line with Wolfsberg?

The compliance officer for a private bank has been tasked with reviewing the procedure for authorized signatories on customer accounts to ensure it is in line with relevant Wolfsberg Anti-Money Laundering Principles for Private Banking. Which three statements from the procedure are in line with Wolfsberg? (Choose three.)A . Where...

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What is the intentional evasion of a reporting or recordkeeping requirement?

What is the intentional evasion of a reporting or recordkeeping requirement?A . Money laundering B. Layering C. Placement D. StructuringView AnswerAnswer: A

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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...

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What is an aspect of the USA PATRIOT Act that has extraterritorial reach?

What is an aspect of the USA PATRIOT Act that has extraterritorial reach?A . To strengthen US measures to prevent, detect and prosecute international money laundering and financing of terrorism. B. To implement economic and trade sanctions based on US foreign policy. C. To mandate stricter money laundering controls across...

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Which of the following represents the first Financial Action Task Force initiative?

Which of the following represents the first Financial Action Task Force initiative?A . The 40 Recommendations on Money Laundering B. The Report on Non-Cooperative Countries and Territories C. The Report on Money Laundering Typologies D. The Special Recommendations on Terrorist FinancingView AnswerAnswer: D

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How should the bank respond?

An immigrant residing in the United States opens a bank account that includes a debit card. Several months later, the transactional monitoring system identifies small deposits into the account followed by corresponding ATM withdrawals from a country bordering a conflict zone. How should the bank respond?A . Block any further...

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