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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...
Which should be included?
A new AML Officer for a US-based money service business (MSB) is drafting procedures around types of activity that require further review. Which should be included? (Choose two.)A . A customer visiting multiple branches of the MSB on the same day in order to transfer funds internationally. B. A customer...
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 territories B. Results of related audits and examinations C. Details...
Which statement is true regarding the FATF standards for SARs/STRs information sharing within a financial group?
Which statement is true regarding the FATF standards for SARs/STRs information sharing within a financial group?A . FIs must retain copies of SARs/STRs and supporting documentation for five years from the date of filing the STRs B. FIs cannot share customer information at all since it is confidential. C. Financial...
What are two red flags that indicate money laundering?
A customer brings $15,000 worth of chips into a casino and plays various games. The customer redeems all the remaining chips and requests a wire transfer of the proceeds to an unrelated third party. What are two red flags that indicate money laundering? (Choose two.)A . Customer redeeming all remaining...
A quarterly review is conducted on a retail customers account at a bank located in a jurisdiction with currency reporting thresholds. A number of large deposits of financial instruments drawn on other institutions in amounts under thresholds were noted. This activity did not fit the accounts historical profile. A suspicious transaction report will most likely be filed if what also occurred?
A quarterly review is conducted on a retail customers account at a bank located in a jurisdiction with currency reporting thresholds. A number of large deposits of financial instruments drawn on other institutions in amounts under thresholds were noted. This activity did not fit the accounts historical profile. A suspicious...
Which of the following is the best action to take regarding a particular account once suspicious activity is reported by the institution?
Which of the following is the best action to take regarding a particular account once suspicious activity is reported by the institution?A . Notify the client that the transaction has been reported. B. Freeze the funds pending notification from the competent authority. C. Secure all supporting documentation. D. Immediately close...
precious metal dealers.
precious metal dealers.A . 1, 2, and 3 only B. 1, 2, and 4 only C. 1, 3, and 4 only D. 2, 3, and 4 onlyView AnswerAnswer: B
A Trust and Company Service Provider (TCSP) providing services should have policies and procedures in place to identify critical information of the:
A Trust and Company Service Provider (TCSP) providing services should have policies and procedures in place to identify critical information of the:A . general manager. B. signatory. C. controller. D. registered address.View AnswerAnswer: B Explanation: Reference: https://www.fatf-gafi.org/media/fatf/documents/reports/RBA-Trust-Company-Service-Providers.pdf
A quarterly review is conducted on a retail customers account at a bank located in a jurisdiction with currency reporting thresholds. A number of large deposits of financial instruments drawn on other institutions in amounts under thresholds were noted. This activity did not fit the accounts historical profile. A suspicious transaction report will most likely be filed if what also occurred?
A quarterly review is conducted on a retail customers account at a bank located in a jurisdiction with currency reporting thresholds. A number of large deposits of financial instruments drawn on other institutions in amounts under thresholds were noted. This activity did not fit the accounts historical profile. A suspicious...
