- All Exams Instant Download
What are two red flags that indicate money laundering?
A customer brings $15,000 worth of chips into a casino and plays various games. The customer redeems all the remaining chips and requests a wire transfer of the proceeds to an unrelated third party. What are two red flags that indicate money laundering? (Choose two.)A . Customer redeeming all remaining...
What is an example of the integration stage of money laundering involving a bank or another deposit-taking institution?
What is an example of the integration stage of money laundering involving a bank or another deposit-taking institution?A . Depositing illicit funds into an account set up for a front companyB . Directing third parties to exchange illicit cash for negotiable instrumentsC . Wiring illicit funds from an account at...
What are two requirements with respect to supporting documentation that is used to identify potentially suspicious activity, according to Financial Action Task Force? (Choose two.)
What are two requirements with respect to supporting documentation that is used to identify potentially suspicious activity, according to Financial Action Task Force? (Choose two.)A . It must be retained for at least five yearsB . It must be retained for at least seven yearsC . It must be kept...
What do Financial Action Task Force (FATF)-style regional bodies do for their members to help combat money laundering and terrorist financing?
What do Financial Action Task Force (FATF)-style regional bodies do for their members to help combat money laundering and terrorist financing?A . They provide technical assistance to members in implementing FATF recommendationsB . They assist member countries in penalizing entities that violate FATF standards and recommendationsC . They work with...
Which two transaction types warrant investigation?
In the summer, an institution identifies anti-money laundering concerns regarding a customer’s account activity. The customer, an ice cream parlor, has deposited a lot of checks drawn on banks in foreign countries, sent large number of high dollar international wires to different countries, made cash deposits of a few hundred...
What must the foreign bank provide to the U.S. bank under the USA PATRIOT Act?
A foreign bank operating under an offshore license wants to open a correspondent account with a United States (U.S.) bank. The foreign bank plans to provide payable through account services to some of its customers. What must the foreign bank provide to the U.S. bank under the USA PATRIOT Act?A...
What is a primary consideration the institution should keep in mind when deciding whether to agree to this request?
An institution has made the decision to exit a client relationship due to anti-money laundering concerns. Prior to starting the close out process, the institution receives a written request from a law enforcement agency to keep the account open. The client is the subject of an ongoing investigation and law...
Which two factors assist a money laundering investigation that involves multiple countries? (Choose two.)
Which two factors assist a money laundering investigation that involves multiple countries? (Choose two.)A . Law enforcement and other authorities should have access to financial information that is pertinent to the investigation.B . Every country should share all their information with foreign law enforcement and government authorities to facilitate rapid...
Which two individuals are ordinarily beneficial owners of a private banking account according to the Wolfsberg Anti-Money Laundering Principles for Private Banking? (Choose two.)
Which two individuals are ordinarily beneficial owners of a private banking account according to the Wolfsberg Anti-Money Laundering Principles for Private Banking? (Choose two.)A . Those who are authorized signers on the accountB . Those who have legal title to a controlling share interest in the customerC . Those who...
Which action by the charity indicates possible terrorist financing?
A bank has maintained an account for a European charity for several years. The charity provides clothing to persons in need in various countries with active terrorists’ cells. Which action by the charity indicates possible terrorist financing?A . The charity frequently withdraws cash from the bankB . The charity has...
