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In this situation, which of the following is the immediate concern for the institution?
An anti-money laundering specialist is concerned that several suspicious transaction reports will discuss potential illegal activity of bank employees. In this situation, which of the following is the immediate concern for the institution?A . Prohibiting distribution of suspicious transaction report copies to the Board. B. The timing of the presentation...
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...
Which two statements in the Wolfsberg Group’s “Suppression of the Financing of Terrorism” define the role financial institutions should play in the fight against terrorism? (Choose two.)
Which two statements in the Wolfsberg Group’s “Suppression of the Financing of Terrorism” define the role financial institutions should play in the fight against terrorism? (Choose two.)A . Financial institutions need to assist competent authorities in fighting terrorist financing through prevention, detection and information sharing. B. Financial institutions need to...
Which two facts should be considered during the course of an investigation into this matter?
A bank’s anti-money laundering section receives an anonymous tip that a customer might be engaging in possible money laundering. Which two facts should be considered during the course of an investigation into this matter? (Choose two.)A . The customer has had a long-standing account at the bank B. The customer...
How should the branch manager respond to this activity?
The branch manager notices that a number of customers come in weekly and always use the same teller to process their deposits. The manager notices that the customers and the teller, who are from the same ethnic group, are speaking in a foreign language and every once in a while...
Which three should be included?
An anti-money laundering specialist has been asked to create internal anti-money laundering policies, procedures and controls for a recently chartered offshore financial institution. Which three should be included? Choose 3 answersA . Basel Committee on Banking Supervision’s capital adequacy requirements for the host country B. A training program for senior...
Which is a FATF characteristic used to assess a country's effectiveness of its AML regime?
Which is a FATF characteristic used to assess a country's effectiveness of its AML regime?A . Funds supporting and proceeding from crime or terrorism are prevented from entering the financial sector. B. Legal persons are prevented from misuse for money laundering or terrorist financing. C. Supervisors appropriately supervise, monitor, and...
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:
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...
When providing reporting of STRs to the board, which of the following should be provided?
When providing reporting of STRs to the board, which of the following should be provided?A . A numerical summary of all the STRs B. A numerical summary of all the STRs and a summary of key STRs, including PEPs, key employees C. A summary of all key STRs, including PEPs...
