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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...
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...
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...
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...
What action should the employee take?
An employee hears a colleague on the telephone with a customer giving advice on how to ensure that a suspicious transaction report will not be filed as a result of a future transaction. What action should the employee take?A . Report the conversation to the local policeB . Report the...
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 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...
Which step should an institution located in this jurisdiction take to ensure compliance?
A government has instituted new anti-money laundering laws which require all financial institutions to obtain certain information from its customers. Which step should an institution located in this jurisdiction take to ensure compliance?A . Change procedures to require that the necessary information is obtainedB . Change procedures and systems as...
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...
In which two ways does a government Financial Intelligence Unit interact with public and private sectors? (Choose two.)
In which two ways does a government Financial Intelligence Unit interact with public and private sectors? (Choose two.)A . It governs the methods of investigation used by competent authoritiesB . It mediates disputes between financial institutions and investigative authoritiesC . It receives and analyzes disclosures filed by financial and non-bank...
