Which method to launder money through deposit-taking institutions is closely associated with international trade?A . Forming a shell companyB . Using Black Market Peso ExchangeC . Structuring cash deposits/withdrawalsD . Investing in legitimate businesses...
The local manager of a remote mortgage origination department of a financial institution has just discovered that sanctions screening of new customers is not being performed. Which action should the local manager take in...
Who has the day-to-day responsibility of communicating and reinforcing the established anti-money laundering compliance culture and program?A . Business linesB . Senior managementC . Board of directorsD . Compliance officerView AnswerAnswer: D Explanation: Reference:...
A bank has maintained an account for a European charity for several years. The charity provides clothing to persons in need in various countries with active terrorists’ cells. Which action by the charity indicates...
A money transmitter’s nation-wide agent network remits funds to a country in Africa on behalf of an immigrant community based in the United States. A terrorist group is known to operate openly in this...
A popular restaurant in town has begun depositing less cash than it has in prior years. In a review of the customer’s accounts, you notice that credit card receipts have increased with no explanation....
What are two aspects of the Wolfsberg Anti-Money Laundering (AML) Principles for Correspondent Banking? (Choose two.)A . At least one person, aside from the person sponsoring the relationship, should approve the correspondent relationship.B ....
Which two individuals are ordinarily beneficial owners of a private banking account according to the Wolfsberg Anti-Money Laundering Principles for Private Banking? (Choose two.)A . Those who are authorized signers on the accountB ....
A compliance officer is reviewing the activity of the wire transfer department for the previous month and identifies an unusual wire transfer from a customer’s account. Which information should be included in the review...
What is an example of the integration stage of money laundering involving a bank or another deposit-taking institution?A . Depositing illicit funds into an account set up for a front companyB . Directing third...
