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Which two things must the vice president acquire under the USA PATRIOT Act?
The vice president of the foreign correspondent banking department at a large United States bank has been notified that a foreign bank with an offshore license wants to open a correspondent account. Which two things must the vice president acquire under the USA PATRIOT Act? (Choose two.)A . A list...
Which two factors should increase the risk of a correspondent bank customer and require additional due diligence according to the Wolfsberg Anti-Money Laundering Principles for Correspondent Banking? (Choose two.)
Which two factors should increase the risk of a correspondent bank customer and require additional due diligence according to the Wolfsberg Anti-Money Laundering Principles for Correspondent Banking? (Choose two.)A . The customer is located in a Financial Action Task Force member country and provides services primarily to a local individual...
What are the regulatory risks to a bank employee who willfully violates anti-money laundering laws?
What are the regulatory risks to a bank employee who willfully violates anti-money laundering laws?A . Investigation and reputational damageB . Fines and suspension from the industryC . Criminal investigation and imprisonmentD . Enforcement actions including fines against the financial institutionView AnswerAnswer: C Explanation: Reference: https://books.google.com.pk/books?id=qKLr7IdWCqsC&pg=PA9&lpg=PA9&dq=What+are+the+regulatory+risks+to+a+bank+employee+who+willfully+violates+anti-money+laundering+laws&source=bl&ots=gZzA0Ey5nB&sig=ACfU3U29fq8lwYh08XqdR1X7sWSISySPZw&hl=en&sa=X&ved=2ahUKEwiHwKHTjIvmAhWqwzgGHfW_AToQ6AEwC3oECAkQAQ#v=onepage&q=What%20are%20the %20regulatory%20risks%20to%20a%20bank%20employee%20who%20willfully%20violates%20antimoney%20laundering%20laws&f=false
Which suspicious activity should be the focus of the suspicious transaction report?
A branch manager for a small community bank has a new customer who deposits four EUR 50,000 checks into one account. Shortly thereafter, the customer goes to another branch and asks to transfer all but EUR 1,500 to three accounts in different foreign jurisdictions. Which suspicious activity should be the...
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 red flag should prompt additional transactional review?
A bank compliance officer has implemented enhanced monitoring rules that have identified some unusual activity that may be indicative of human trafficking. Which red flag should prompt additional transactional review?A . Wire transfer activity from countries with significant migrant populationsB . Cash deposits that occur in cities where the customer...
What is an essential element of Know Your Customer (KYC) standards according to the Basel Committee’s Customer Due Diligence for Banks paper?
What is an essential element of Know Your Customer (KYC) standards according to the Basel Committee’s Customer Due Diligence for Banks paper?A . Annual staff trainingB . A customer acceptance policyC . The same KYC requirements must be applied in all casesD . All completed KYC documents must be reviewed...
Which information must Bank A obtain under the USA PATRIOT Act?
A non-U.S. bank wants to open an account at Bank A, which is a U.S.-based bank. Which information must Bank A obtain under the USA PATRIOT Act?A . A complete client list from the non-C . bankD . The identity of owners and percentage of ownership of the non-F ....
What are two legal risks of having inadequate privacy policies and procedures? (Choose two.)
What are two legal risks of having inadequate privacy policies and procedures? (Choose two.)A . Diminished reputationB . Industry of regulatory sanctionsC . Charges of deceptive business practicesD . Higher marketing and public relations costsView AnswerAnswer: BC
Which two steps should be taken to trace funds through the bank to assist law enforcement in their investigation?
A United States (U.S.) bank was recently alerted by law enforcement of an increase in sale of large denomination U.S. bank notes to casas de cambio. They suspect that a Mexican syndicate is operating a money laundering scheme in the bank’s jurisdiction. Which two steps should be taken to trace...
