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What is the result of an increased awareness of the potential for gatekeepers to assist in money laundering in recent years?
What is the result of an increased awareness of the potential for gatekeepers to assist in money laundering in recent years?A . The IMF has raised the profile of gatekeepers, requiring that countries regulate themB . Lawyers who represent money launderers can more easily be prosecutedC . Accountants are no...
In performing a risk analysis, which factor(s) should a financial institution review?
In performing a risk analysis, which factor(s) should a financial institution review?A . The level of its gross revenueB . Recent regulatory actions against financial institutions of comparable sizeC . Its customer base, location, products and servicesD . The adequacy and completeness of its STR filingsView AnswerAnswer: C
What is one recommendation of the Basel Committee’s 2001 paper Customer Due Diligence for Banks”?
What is one recommendation of the Basel Committee’s 2001 paper Customer Due Diligence for Banks”?A . Numbered accounts should not be allowedB . Certain types of private banking can be exempt from KYC proceduresC . Banks should develop dear descriptions of acceptable customersD . Politically Exposed Persons (PEPs) should not...
What are some red flags financial institutions should be aware of when trying to verify the identity of a customer? Choose 3 answers
What are some red flags financial institutions should be aware of when trying to verify the identity of a customer? Choose 3 answersA . Customer having unusual documents from a foreign countryB . Customer being new to the communityC . Customer having no permanent addressD . Customer not having a...
What should a bank focus on to ensure on-going compliance with its AML program?
What should a bank focus on to ensure on-going compliance with its AML program?A . It should ensure that it develops and provides on-going targeted training of all current and new employeesB . It should subject all new employees to criminal background checks before being hiredC . It should review...
How can dealers in high-value items be at risk for money laundering?
How can dealers in high-value items be at risk for money laundering?A . The value of precious metals such as gold and silver is constantly fluctuating.B . Carrying large amounts of gems of high value is physically easyC . Paperwork is not required to ship precious metals and gemsD ....
What steps should the institution take?
After an institution files an STR with regard to a particular account, a law enforcement agent requests the institution to keep the account open until advised otherwise by law enforcement. What steps should the institution take?A . The institution should close the account in order not to be caught in...
To ensure that an institution’s anti-money laundering program is current, which step should be taken?
To ensure that an institution’s anti-money laundering program is current, which step should be taken?A . The program should be evaluated and updated at least every six months be the Board of DirectorsB . The program should be reviews by a federal law enforcement officer for gaps in controlsC ....
Which report is the most useful?
An anti-money laundering specialist at a large institution is responsible for information senior management about the status of the anti-money laundering program across the organization. Which report is the most useful?A . The total credit exposure for non-cooperative countries and territoriesB . Results of related audits and examinationsC . Details...
What should a compliance officer do during an ongoing investigation into a client’s activities by a competent authority?
What should a compliance officer do during an ongoing investigation into a client’s activities by a competent authority?A . Ensure communication with regulatory and law enforcement authorities is conducted only through the Board of DirectorsB . Communicate only in writing regulatory and law enforcement authorities in line with applicable local...
