Which is a primary purpose of imposing economic sanctions?
A. Preventing depletion of natural resources
B. Changing the behavior of the country
C. Minimizing the export of trade goods
D. Promoting competition of domestic technology
To ensure the independence of an audit for an AML/CFT program, those involved in the audit would best be described as being:
A. not involved in the organization's AML/CFT compliance program and having a reporting line to the organization's CEO.
B. not involved in the organization's STR/SAR filing process having a reporting line to the board of directors or committee thereof.
C. not involved in the organization's STR/SAR filing process and having a reporting line to the organization's CEO.
D. not involved in the organization's AML/CFT compliance program and having a reporting line to the board of directors or committee thereof.
A high-profile, successful entrepreneur has been a client of a Swiss private bank for more than a decade. Recently, the entrepreneur launched a political career, with rather extremist political views. On which grounds can the bank terminate the client's bank relationship? (Choose two.)
A. The client has made its fortune in the mining and excavation industry, which the bank has deemed as a high-risk industry.
B. The client is not able (or willing) to provide documentary evidence of tax compliance.
C. The client's account has an increase in unusual and significant monthly inflows.
D. Continuing the client relationship poses an increasing reputational risk, which could negatively affect the bank's future business.
E. A business partner of the account holder requests an asset freeze, stating a business dispute and disagreement over the quality of goods and services sold to the partner.
Which is most relevant when examining transactions suspected of being associated with money laundering via real estate?
A. The financial institutions involved in the transaction
B. The asset's location
C. The beneficial owner of the asset
D. The currency used for payment
Law enforcement is confidentially investigating 20 individuals suspected of belonging to a criminal network allegedly involved in laundering tens of millions of euros for cybercriminals.
Which actions need to be taken by the AML Specialist at a bank upon learning the alert? (Choose two.)
A. Respond to law enforcement that their request without a judicial order would breach the bank's GDPR duty with respect to its clients
B. Report findings back to law enforcement only if they are of any significance
C. Send out an email to all of the bank's client advisors to request information on any of the individuals
D. Involve the bank's legal and compliance function to address the gravity of the matter
E. Perform a search on the bank's client data platform to determine if the bank has had any business with the named individuals
What is the core function of a FIU?
A. Receive, analyze, and transmit reports of suspicions identified and filed.
B. Set international standards for AML and terrorism financing for law enforcement.
C. Coordinate, investigate, and prosecute money laundering and terrorism financing.
D. Pursue the eradication of money laundering and terrorism financing as the main law enforcement function.
A customer puts high-denomination cash notes into a poker machine at a casino. Without placing any bets, the customer collected winnings in the form of a check from the casino. Which money laundering threats could result from the customer's activities?
A. Micro-structuring cash
B. Obscured beneficial ownership
C. Misuse of money service business
D. Legitimizing illicit funds
A customer has borrowed the cash surrender value of their life insurance policies. Which requires a further investigation and filing of the SAR/STR?
A. The customer uses multiple currency equivalents from different sources to pay the monthly life insurance policy premiums.
B. The customer cancels the insurance contract without concern for the penalties after the money is borrowed.
C. The customer has paid the monthly life insurance policy premiums with cash.
D. The customer directs the payment of the money borrowed to an unrelated third party.
Which principle about safeguarding privacy and data should an auditor adhere to when performing an AML investigation?
A. During evidence gathering, privacy laws are less important than local AML laws.
B. Countries should clarify where AML and Data Protection Privacy are not balanced.
C. Terrorist Financing is more relevant in the context of data protection and supersedes laws.
D. AML and Data Protection Privacy law should not be mutually exclusive.
Which product type is subject to U.S. extra-jurisdictional reach over non-U.S. banks and non-U.S. persons under the USA PATRIOT Act?
A. Commercial lending
B. Trade finance
C. Private banking
D. Correspondent banking
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