Which should be provided to the board of directors or designated specialized committee when reporting SARs/STRs?
A. All possible details of SARs/STRs filed during the reported period.
B. Statistical data regarding SARs/STRs filed during the reported period.
C. Names of all customers subject to SARs/STRs filed during the reported period.
D. Copies of all SARs/STRs filed during the reported period.
A compliance officer at a financial institution (FI) received an investigation request for a customer from a local law enforcement agency. Which action should be taken by the FI?
A. Obtain approval from the Financial Intelligence Unit (FIU) before submitting the customer's information.
B. Omit some responses to meet the regulatory deadline.
C. Assign employees responsible for the customer to the investigation team.
D. Consider retaining qualified, experienced legal counsel.
What is an example of a legal risk a financial institution (FI) could face if it is sanctioned for failure to report suspected fraud activity?
A. Foreign correspondents could terminate their relationships with the sanctioned bank.
B. Clients of the bank might draw down the reserves of the bank and lead to liquidity issues.
C. The bank could be forced to reimburse the victims of the fraudster for the losses suffered.
D. The bank could see higher default rates on loans granted to companies owned by the fraudster.
How should law enforcement obtain documentation from an institution when suspicious activity was identified? (Choose two.)
A. Request copies of the relevant documents from the accountable institution.
B. Pay an employee of the accountable institution to make copies of the documents.
C. Request a Financial Intelligence Unit (FIU) share copies of suspicious transaction reports.
D. Request the documents from the FIU.
E. Acquire a search warrant to obtain the documents.
What action should a bank CEO's assistant take when the bank CEO expenses large sums of money to a charitable organization run by the bank CEO's direct family member?
A. Report the actions to the Executive Board of the bank.
B. Meet with the bank CEO to learn why the donations are being made.
C. Investigate the charitable organization's relationship with the bank CEO.
D. Submit the concern anonymously to the bank's internal Compliance Hotline.
One key aspect of promoting an enterprise-wide compliance culture within a financial institution (FI) is that the:
A. first line of defense should establish its own policies independently.
B. revenue generating business sectors should have precedence over compliance.
C. relevant information should be shared throughout the organization.
D. cost of compliance should increase proportionately to revenues.
A bank teller receives a written request from a police officer to review a previous customer's account on a pre-populated form with the officer's official letter head. The officer suspects the previous customer is engaging in smurfing. Which action should the bank teller perform?
A. Provide the police officer information after AML compliance approval.
B. Reject the request and escalate to the compliance officer.
C. Provide the police officer information after management approval.
D. Escalate the request to the compliance officer.
Financial Intelligence Units (FIUs) are responsible for:
A. the timely dissemination of cases to law enforcement agencies.
B. responding to requests from law enforcement agencies for information contained in regulatory reports.
C. sharing evidence with other FIUs.
D. receiving confirmed reports about committed crimes from accountable and reporting institutions.
Which activity would require an update to the first line training program?
A. The implementation of a new system that provides information for monitoring customer accounts.
B. The expansion to customer segments that will utilize newly established products.
C. The maintenance of regulatory requirements for onboarding documentation collections of a customer base.
D. The onboarding of a new customer type which was previously reviewed and risk rated.
A foreign bank maintains a correspondent account in the US. According to an investigation carried out by US authorities, the specific correspondent account seems to have facilitated a transaction involving tainted funds. Which allows the US authorities to seize the funds of the foreign bank held with the US bank?
A. The FinCEN CDD Final Rule
B. The 6th EU AML Directive
C. Regulations of the OFAC, US Department of Treasury
D. The USA PATRIOT Act
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