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Which step should an institution located in this jurisdiction take to ensure compliance?
A government has instituted a 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...
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 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 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 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 the role of the auditor during the correction phase?
An anti-money laundering audit identifies a significant weakness in how transaction monitoring alerts are cleared. Audit sampling identified potentially suspicious activity that was cleared as not suspicious. Management accepts the audit finding and develops a remediation plan. What is the role of the auditor during the correction phase?A . Directing...
Which red flag should prompt additional transactional review?
A bank compliance officer has implemented enhanced monitoring rules that have identified some unusual activity that may be indicative of human trafficking. Which red flag should prompt additional transactional review?A . Wire transfer activity from countries with significant migrant populationsB . Cash deposits that occur in cities where the customer...
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...
What is an example of the integration stage of money laundering involving a bank or another deposit-taking institution?
What is an example of the integration stage of money laundering involving a bank or another deposit-taking institution?A . Depositing illicit funds into an account set up for a front companyB . Directing third parties to exchange illicit cash for negotiable instrumentsC . Wiring illicit funds from an account at...
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...
