A law enforcement official calls a bank inquiring about a customer who is currently under investigation. The law enforcement official requests information about the customer. How should the bank respond?A . Confirm the customer...
What are two legal risks of having inadequate privacy policies and procedures? (Choose two.)A . Diminished reputationB . Industry of regulatory sanctionsC . Charges of deceptive business practicesD . Higher marketing and public relations...
A startup virtual currency exchange has registered as a money services business and will commence operations in six months. The company will provide digital wallets to customers to hold their virtual currency after purchase....
Which two statements in the Wolfsberg Group’s “Suppression of the Financing of Terrorism” define the role financial institutions should play in the fight against terrorism? (Choose two.)A . Financial institutions need to assist competent...
Which two actions should Financial Intelligence Units (FIUs) take when submitting a request to another FIU? (Choose two.)A . Send the same request to all FIUsB . Disclose the reason and purpose for the...
Which action should financial institutions with cross border correspondent banking activity be required to perform according to the Financial Action Task Force 40 Recommendations?A . Gather a list of their politically exposed customersB ....
Which method to finance terrorism involves falsifying transaction-related documents?A . BriberyB . Black market peso exchangeC . Trade-based money launderingD . Informal value transfer systemView AnswerAnswer: C
The new compliance officer has reviewed the bank’s anti-money laundering training program. The program consists of online training for all new employees within 30 days of hire date and annual refresher training to all...
Which two methods can be used to structure casino-related transactions? (Choose two.)A . Playing at the same gameB . Purchase of chips at multiple gaming tablesC . Use of third parties to conduct transactionsD...
A local law enforcement officer notifies the bank compliance officer that he is working on an insurance fraud scheme that appears to be running transactions using the account of a bank employee. The law...
