How does a regulatory body typically obtain international assistance in a money Laundering inquiry?
A. By filing a request under Egmont guidelines
B. By submitting a request for overseas assistance to the corresponding supervisory body
C. By contacting the FATF, Organization for Economic Co-operation and Development, or other international organizations and seeking their intervention
D. By communicating with the Head of Compliance for the financial institution
Federal law requires all U.S. financial institutions to secure and maintain all records and supporting documentation used m suspicious activity reporting for how many years?
A. 2 years
B. 5 years
C. 10 years
D. No requirement
What is a major money laundering risk associated with a number of prepaid cards as opposed to credit or debit cards?
A. The risk of losing the prepaid cards
B. The inability to load the card with cash
C. The global access to cash through ATMs
D. The anonymous access to funds
Which example describes the vulnerability of the securities sector for money laundering?
A. A non-U.S. person seeks toopen a brokerage account with a U.S. broker-dealer
B. A broker-dealer must have a customer identification program in place
C. Broker-dealers generally have a higher percentage of inexperienced staff
D. Compensation for broker-dealers is generally based oncommissions
In addition to monitoring for suspicious activity, what are electronic monitoring systems also valuable for?
A. Identifying how customers are using products
B. Highlighting the skills of the system analysts
C. Proving to the Board of Directors that the FIU is doing its job
D. Meeting mandatory regulatory requirements for system implementation
In which three situations is correspondent banking most vulnerable to money laundering? Choose 3 answers
A. When allowing foreign banks to use the correspondent account to conduct large financial transactions on behalf of their customers
B. When allowing the correspondent bank account to be used as a payable through account (PTA)
C. When allowing the correspondent bank account to be used by other banks
D. When allowing financial institutions, without proper due diligence, to access correspondent network for routing their financial transactions
What is one recommendation of the Basel Committee's 2001 paper Customer Due Diligence for Banks"?
A. Numbered accounts should not be allowed
B. Certain types of private banking can be exempt from KYC procedures
C. Banks should develop dear descriptions of acceptable customers
D. Politically Exposed Persons (PEPs) should not be accepted as customers
A remittance company received a money order from a senior political figure m the Philippines to transfer a large sum of money to a charity group in the Philippines. A review of the charity group revealed a director having dose ties with a known terrorist group primarily financed through kidnapping and extortion.
What is a key risk indicator associated with terrorism financing?
A. The sender is a Political Exposed Person (PEP) and should be subject to enhanced due diligence
B. A large sum sent by money order to a charity
C. There is no risk relating of terrorism financing when the charity group is operating legitimately in thatcountry
D. There is a link between the charity group and a known terrorist group
In performing a risk analysis, which factor(s) should a financial institution review?
A. The level of its gross revenue
B. Recent regulatoryactions against financial institutions of comparable size
C. Its customer base, location, products and services
D. The adequacy and completeness of its STR filings
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 the middle of a law enforcement investigation
B. The institution should follow the request ofthe law enforcement agent and keep the account open
C. The institution should request a written letter from the law enforcement (agency signed by an appropriate authorized signature
D. The institution should keep the account open only if doing so comportswith the bank's own AML procedures
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