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Which supporting documentation might the law enforcement agency request from the institution to facilitate its investigation?
A law enforcement agency is reviewing a suspicious transaction report (STR) filed by a financial institution for suspicious activity on a client’s account. Subsequently, the agency requests further information. Which supporting documentation might the law enforcement agency request from the institution to facilitate its investigation?A . Previously filed STRs on...
Which type of scenario is helpful in mitigating this weakness?
An organization’s automated surveillance system identifies large fluctuations in customer activity. As a result of an audit, the compliance officer is informed that the system is not generating alerts when activity is consistently abnormal over a long period of time. Currently the organization is evaluating new alert scenarios in an...
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 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 two aspects should be included in the policy in respect of intermediaries to align it with the Wolfsberg Anti-Money Laundering Principles for Private Banking?
The compliance officer for a private bank has been tasked with writing a policy on how the bank will deal with intermediaries. Which two aspects should be included in the policy in respect of intermediaries to align it with the Wolfsberg Anti-Money Laundering Principles for Private Banking? (Choose two.)A ....
What are two reasons physical certificates present a money laundering risk to broker-dealers? (Choose two.)
What are two reasons physical certificates present a money laundering risk to broker-dealers? (Choose two.)A . The trade information on a physical certificate can be easily alteredB . Physical certificates do not expire and may be held by the owner for perpetuityC . There is little information readily available to...
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 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...
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 explanation. The account officer discovers that the restaurant has installed a privately-owned automated teller machine (ATM) onsite...
How should the bank respond?
A law enforcement official calls a bank inquiring about a customer who is currently under investigation. The law enforcement official requests information about the customer. How should the bank respond?A . Confirm the customer is either a current or former customerB . Inform the board of directors before responding to...
