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What is the goal of the Egmont Group in providing a forum for Financial Intelligence Units (FIUs) around the world?
What is the goal of the Egmont Group in providing a forum for Financial Intelligence Units (FIUs) around the world?A . To improve international laws to combat money laundering and the financing of terrorism and foster the implementation of domestic programs.B . To provide a forum for FIUs to improve...
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...
To whom should this situation be escalated?
A politically exposed person (PEP) maintains an account at a bank. Last month a money laundering analyst filed a suspicious transaction report about unusual wire deposits originated by unknown individuals in the home country of the official. To whom should this situation be escalated?A . The board of directorsB ....
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
To whom should the investigator escalate these concerns?
Upon a routine account review a money laundering investigator identified a number of large round dollar wire transfer deposits into a business account owned by a local auto repair shop. The wire transfers all originated from a country that is a known financial secrecy haven with poor anti-money laundering controls....
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 is the correct next course of action?
A compliance officer learns from an Information Technology (IT) source of a potential new financial service being discussed by the new product approval committee. What is the correct next course of action?A . Request that the new product approval committee include the compliance officer.B . Go to the board of...
Which transaction is considered a red flag for potential money laundering?
A compliance officer at an insurance company has been reviewing the transaction activity of several clients. Which transaction is considered a red flag for potential money laundering?A . A client paid the quarterly life insurance premium using money orders from two different banks.B . A client from a high-risk jurisdiction...
What should countries do to help prevent non-profit organizations from being abused for the financing of terrorism according to the Financial Action Task Force 40 Recommendations?
What should countries do to help prevent non-profit organizations from being abused for the financing of terrorism according to the Financial Action Task Force 40 Recommendations?A . Allow for freezing assets of non-profit organizationsB . Require all non-profit organizations to register with the country’s financial intelligence unitC . Ensure non-profit...
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...
