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Which transaction should result in a SAR/STR filing?
Which transaction should result in a SAR/STR filing?A . A small business owner deposits checks totaling $9,950 USD on a daily basis without providing a legitimate purpose. B. A small business owner deposits $25,000 USD in cash proceeds with a business equipment bill of sale. C. A national food-chain restaurant...
Which three criteria does a shell bank meet according to the Wolfsberg Principles on Correspondent Banking? Choose 3 answers.
Which three criteria does a shell bank meet according to the Wolfsberg Principles on Correspondent Banking? Choose 3 answers.A . It does not conduct business at a fixed address in a jurisdiction in which it is authorized to conduct business. B. It does not employ one or more individuals at...
Which actions are involved when a prosecutor instructs a bank to freeze the assets and bank accounts held by one of its clients? (Choose three.)
Which actions are involved when a prosecutor instructs a bank to freeze the assets and bank accounts held by one of its clients? (Choose three.)A . Inform other banks in the same geographical area to freeze the client's assets if they are a member of that bank, too. B. Extend...
Which requirement is included in the Fourth European Union Directive on money laundering?
Which requirement is included in the Fourth European Union Directive on money laundering?A . It requires obliged entities to consider politically exposed persons as high risk for life B. It requires obliged entities to conduct enhanced due diligence on all prepaid card holders C. It requires member countries to maintain...
What is the important fact to include in the STR?
A customer has held an account at a bank and has lived locally for over 25 years. Historically he has come into the bank monthly to deposit a $1,500 retirement check from the company where he worked. He is well known at the bank and often brings the staff cookies....
When performing a risk assessment, which factors should be considered when identifying and measuring risk? (Choose two.)
When performing a risk assessment, which factors should be considered when identifying and measuring risk? (Choose two.)A . Customer composition B. Financial performance C. Product offerings D. Regulatory environment E. Company cultureView AnswerAnswer: A,D
What are three factors a financial institution should examine with regard to a new customer who is opening up a new account? Choose 3 answers
What are three factors a financial institution should examine with regard to a new customer who is opening up a new account? Choose 3 answersA . The country or location where the customer is from or does business B. The type and size of the business the customer runs C....
Which factor causes the compliance officer to update the bank’s risk assessment?
A new compliance officer is reviewing the bank’s anti-money laundering program and notices that the risk assessment was completed six months ago. Since that time, the bank acquired another financial institution, renamed the internal records group, and streamlined cash handling procedures. Which factor causes the compliance officer to update the...
The Wolfsberg Principles
The Wolfsberg PrinciplesA . 1, 2, and 3 only B. 1, 2, and 4 only C. 1, 3, and 4 only D. 2, 3, and 4 onlyView AnswerAnswer: C
Who has the ultimate responsibility within a bank for ensuring that the bank has a comprehensive and effective Bank Secrecy Act / anti-money laundering (BSA/AML) program and oversight framework that is reasonably designed to ensure compliance with applicable regulations?
Who has the ultimate responsibility within a bank for ensuring that the bank has a comprehensive and effective Bank Secrecy Act / anti-money laundering (BSA/AML) program and oversight framework that is reasonably designed to ensure compliance with applicable regulations?A . Senior management B. Board of directors C. Business line managers...
