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Which action should the firm take?
Findings from a regulatory examination report states that the job descriptions of personnel outside of the compliance department do not include references to anti-money laundering responsibilities. Which action should the firm take?A . Update all job descriptions to include anti-money laundering responsibilities B. Respond that only compliance personnel have anti-money...
What are two red flags that indicate money laundering or financial terrorism?
A company service provider in Country A sets up a corporate structure for a client from Country B, which is known for corruption. The corporate structure includes a holding company in Country A with a bank account in one of the international banks located there. During on-boarding, the client's wealth...
Which red flag should stop the agent from discussing this potential purchase further?
A U.K. real estate agent has three foreign clients interested in purchasing an apartment building, valued at £30 million, in the outskirts of London as an investment property. The clients are not willing to have their names provided to the bank. The clients want to purchase to be made in...
In general, what is an element that a financial institution or business does not have to specifically address in an anti-money laundering program?
In general, what is an element that a financial institution or business does not have to specifically address in an anti-money laundering program?A . A system of internal policies, procedures and controls B. A designated compliance officer with day-to-day oversight over the AML program C. An ongoing employee training program...
Which statements regarding the USA PATRIOT ACT best describe key aspects that have extraterritorial reach? (Choose three.)
Which statements regarding the USA PATRIOT ACT best describe key aspects that have extraterritorial reach? (Choose three.)A . It allows for the US Attorney General to subpoena records from a foreign bank with US correspondent accounts, including those that are located outside the US. B. It allows foreign banks to...
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:
What kind of person should perform the independent testing of an institution’s anti-money laundering program?
What kind of person should perform the independent testing of an institution’s anti-money laundering program?A . A certified specialist in the anti-money laundering field B. A former anti-money laundering officer from a similar institution C. A person who reports directly to the Board of Directors or a Board Committee D....
Which practices are dealers in antiques, precious metals, precious stones, jewelry, and art advised to follow to reduce the element of money laundering risk? Choose 3 answers
Which practices are dealers in antiques, precious metals, precious stones, jewelry, and art advised to follow to reduce the element of money laundering risk? Choose 3 answersA . Insist on all vendors signing a declaration that the item placed by them for sale was not stolen or acquired through illegitimate...
One area of responsibility for the Board of Directors when implementing a successful AML program is to:
One area of responsibility for the Board of Directors when implementing a successful AML program is to:A . ensure the appointment of a qualified chief AML officer. B. create a culture of compliance based on the profit expectation. C. manage the day-to-day processes of the compliance program. D. hire a...
How should the investigator respond?
During a law enforcement investigative interview regarding potential money laundering, the suspect starts making assertions and statements that the investigator believes are false. How should the investigator respond?A . Inform the suspect that deception is obvious and continue the interview B. Advise the suspect that the interview will be terminated...
