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Which two pieces of information must a non-U.S. bank provide to its U.S. correspondent to enable them to comply with this requirement?
The USA PATRIOT Act requires United States (U.S.) financial institutions to collect certain information from non-U.S. banks that hold a correspondent account. Which two pieces of information must a non-U.S. bank provide to its U.S. correspondent to enable them to comply with this requirement? (Choose two.)A . The name and...
What warrants enhanced due diligence in this scenario?
A bank account is established for a new business customer. The business was established five years ago with an address in another state. The business website contains few details other than stating it is a real estate business. One principal has an international telephone number and appears to be living...
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 two are authorized signers on the accountB . Those who have legal title to a controlling share interest in the customerC . Those who...
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...
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...
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 suspicious activity should be the focus of the suspicious transaction report?
A branch manager for a small community bank has a new customer who deposits for EUR 50,000 checks into one account. Shortly thereafter, the customer goes to another branch and asks to transfer all but EUR 1,500 to three accounts in different foreign jurisdictions. Which suspicious activity should be the...
Which insurance product is particularly vulnerable to money laundering?
Which insurance product is particularly vulnerable to money laundering?A . AnnuityB . CasualtyC . CollateralD . Regulated pensionView AnswerAnswer: A
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 is 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...
