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With which person(s) should an anti-money laundering officer coordinate when implementing a new hire screening program?
With which person(s) should an anti-money laundering officer coordinate when implementing a new hire screening program?A . Internal Auditor B. Local Financial Intelligence Unit C. Human Resources D. Institution’s RegulatorView AnswerAnswer: C
have strategic deficiencies?
Which action does the Financial Action Task Force (FATF) recommend be taken against jurisdictions that have strategic deficiencies?A . Conduct due diligence B. Apply counter-measures C. Add the jurisdiction to the United Nations’ list of sanctioned jurisdictions D. Create an action plan to address the deficiencies without the support of...
Send the deposit documents referenced in the suspicious transaction report.
Send the deposit documents referenced in the suspicious transaction report.A . 1 and 2 only B. 1 and 4 only C. 2 and 3 only D. 2 and 4 onlyView AnswerAnswer: C
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 should the bank do?
A customer comes into a financial institution and deposits a large amount of cash. He has never done that before. When asked about the deposit, he indicates he recently sold a used car and received cash. He does not trust forms of payment and is wary of counterfeit money orders....
Which three do the Office of Foreign Asset Control regulations cover? Choose 3 answers
Which three do the Office of Foreign Asset Control regulations cover? Choose 3 answersA . All persons and entities within the U.S. B. All U.S.-domiciled entities and their foreign branches C. All foreign-based entities that have U.S. customers D. All U.S. citizensView AnswerAnswer: A,B,D Explanation:
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...
What are two requirements of United States financial institutions when conducting business with an international institution as a result of the USA PATRIOT Act? (Choose two.)
What are two requirements of United States financial institutions when conducting business with an international institution as a result of the USA PATRIOT Act? (Choose two.)A . Performing enhanced due diligence on shell banks B. Performing due diligence on correspondent accounts C. Visiting the head office of the international financial...
What would be most likely to result in a change in the monitoring system parameters?
A compliance officer is conducting a review of the automated transaction monitoring system. What would be most likely to result in a change in the monitoring system parameters?A . The local paper runs stories that sully the institution’s reputation in the marketplace B. Law enforcement issues a subpoena for a...
Why do governments and multi-national bodies impose economic sanctions?
Why do governments and multi-national bodies impose economic sanctions?A . To impede kleptocracy B. To enforce foreign policy objectives C. To combat an imminent terrorist threat D. To prevent fraudulent international trade transactionsView AnswerAnswer: B Explanation: "Increasingly, countries are using economic sanctions instead of military force as an instrument of...
