- All Exams Instant Download
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...
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...
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 three present the highest anti-money laundering or sanctions risk and will require controls prior to launch?
An institution is about to release a new peer to peer (P2P) funds transfer product to provide much needed remittance services to an under-banked population segment in the country. The service allows customers to transfer funds through a mobile banking application to individuals worldwide entering only a name and mobile...
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...
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 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 business with illicit fundsView AnswerAnswer: B Explanation: Reference: http://fraudaid.com/Dictionary-of-Financial-Scam-Terms/black_market_peso_exchange.htm
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...
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...
