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Which customer action indicates potential money laundering?
A bank maintains a relationship with a customer who owns a small bakery business. Which customer action indicates potential money laundering?A . The customer continually makes regular cash depositsB . The customer has multiple bank accounts at several locationsC . The customer purchased property insurance that is twice the value...
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...
Which two aspects should be included in the policy in respect of intermediaries to align it with the Wolfsberg Anti-Money Laundering Principles for Private Banking?
The compliance officer for a private bank has been tasked with writing a policy on how the bank will deal with intermediaries. Which two aspects should be included in the policy in respect of intermediaries to align it with the Wolfsberg Anti-Money Laundering Principles for Private Banking? (Choose two.)A ....
Which method do terrorist financiers use to move funds without leaving an audit trail?
Which method do terrorist financiers use to move funds without leaving an audit trail?A . ExtortionB . Cash couriersC . Casa de cambioD . Virtual currencyView AnswerAnswer: B Explanation: Reference: https://www.fatf-gafi.org/media/fatf/documents/reports/FATF%20Terrorist%20Financing% 20Typologies%20Report.pdf (24)
What should the auditor do?
As a result of an audit, a policy exception was identified that had been approved by the compliance officer. The auditor determined that the policy exception is a violation of a regulatory requirement. What should the auditor do?A . Advise the compliance officer on how to appropriately respond to policy...
Which step should an institution located in this jurisdiction take to ensure compliance?
A government has instituted new anti-money laundering laws which require all financial institutions to obtain certain information from its customers. Which step should an institution located in this jurisdiction take to ensure compliance?A . Change procedures to require that the necessary information is obtainedB . Change procedures and systems as...
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...
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...
Which two factors assist a money laundering investigation that involves multiple countries? (Choose two.)
Which two factors assist a money laundering investigation that involves multiple countries? (Choose two.)A . Law enforcement and other authorities should have access to financial information that is pertinent to the investigation.B . Every country should share all their information with foreign law enforcement and government authorities to facilitate rapid...
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 lifeB . It requires obliged entities to conduct enhanced due diligence on all prepaid card holdersC . It requires member countries to maintain...
