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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...
The Wolfsberg Anti-Money Laundering Principles for Private Banking require new clients to be approved by whom?
The Wolfsberg Anti-Money Laundering Principles for Private Banking require new clients to be approved by whom?A . The board of directorsB . Only the private bankerC . The private banker’s supervisorD . At least one person other than the private bankerView AnswerAnswer: D Explanation: Reference: https://www.wolfsberg-principles.com/sites/default/files/wb/pdfs/wolfsberg-standards/10.% 20Wolfsberg-Private-Banking-Prinicples-May-2012.pdf (04)
Why do governments and multi-national bodies impose economic sanctions?
Why do governments and multi-national bodies impose economic sanctions?A . To impede kleptocracyB . To enforce foreign policy objectivesC . To combat an imminent terrorist threatD . To prevent fraudulent international trade transactionsView AnswerAnswer: B Explanation: Reference: https://en.wikipedia.org/wiki/Economic_sanctions
When should the anti-money laundering risk assessment be updated?
When should the anti-money laundering risk assessment be updated?A . Every two yearsB . After a merger or acquisitionC . When the board of directors changesD . When instructed to by the Financial Action Task ForceView AnswerAnswer: B Explanation: Reference: https://www.wolfsberg-principles.com/sites/default/files/wb/pdfs/faqs/17.%20Wolfsberg-RiskAssessment-FAQs-2015.pdf (10)
Which aspect of the USA PATRIOT Act impacts foreign financial institutions?
Which aspect of the USA PATRIOT Act impacts foreign financial institutions?A . Requiring enhanced due diligence for foreign shell banksB . Expanding sanctions requirements to aD . financial institution’s foreign branchesE . Expanding the anti-money laundering program requirements to all foreign financial institutionsF . Providing authority to impose special measures...
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...
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 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 companyB . Using Black Market Peso ExchangeC . Structuring cash deposits/withdrawalsD . Investing in legitimate businesses with illicit fundsView AnswerAnswer: B Explanation: Reference: http://fraudaid.com/Dictionary-of-Financial-Scam-Terms/black_market_peso_exchange.htm
Which three methods are commonly used by an accountant to launder money? (Choose three.)
Which three methods are commonly used by an accountant to launder money? (Choose three.)A . Representing a client in courtB . Understating income to take a tax lossC . Overstating income to hide excess cashD . Acting as a conduit for transferring cash between accountsE . Acting as a designee...
Which aspect indicates the 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...
