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To whom should the compliance officer provide regular updates of corrective action to help ensure the appropriate oversight?
A recent anti-money laundering audit revealed several regulatory reporting violations and lapses with the organization’s anti-money laundering policy. As a result, the compliance officer has created a follow-up matrix to document progress in correcting the identified deficiencies. To whom should the compliance officer provide regular updates of corrective action to...
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 potential action can the U.S. take under the USA PATRIOT ACT pursuant to the issuance seizure warrant?
Bank A is a non-United States (U.S.) bank that has $5 million in a correspondent account at a bank in New York City. The Worldwide Terrorist Syndicate (WTS) has $1 million in its account at a non-US branch of Bank A. The U.S. government has initiated forfeiture action against the...
Which statement about a multinational institution’s ability to fully investigate unusual activity in all its foreign operations is correct?
Which statement about a multinational institution’s ability to fully investigate unusual activity in all its foreign operations is correct?A . Local privacy and data protection laws may prevent an affiliate from sharing information. B. Certain account documents may be stored only in local language which will prohibit a global assessment....
To ensure that an institution’s anti-money laundering program is current, which step should be taken?
To ensure that an institution’s anti-money laundering program is current, which step should be taken?A . The program should be evaluated and updated at least every six months be the Board of Directors B. The program should be reviews by a federal law enforcement officer for gaps in controls C....
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 method to launder money through deposit-taking institutions is closely associated with international trade?
Which method to launder money through deposit-taking institutions is closely associated with international trade?A . Forming a shell company B. Using Black Market Peso Exchange C. Structuring cash deposits withdrawals D. Investing in legitimate business with illicit fundsView AnswerAnswer: B Explanation: Reference: http://fraudaid.com/Dictionary-of-Financial-Scam-Terms/black_market_peso_exchange.htm
Which aspect indicates potential for money laundering?
A bank located in Arizona is considering a loan application for a new client. The collateral for the loan is a property in Florida. The loan will be in the name of a limited company (LLC) whose ownership is not disclosed to the bank. The LLC was established by a...
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...
Which red flag should trigger additional investigation?
A popular restaurant in town has begun depositing less cash than it has in prior years. In a review of the customer’s accounts, you notice that credit card receipts have increased with no . The account officer discovers that the restaurant has installed a privately-owned automated teller machine (ATM) onsite...
