Which is a key reason why a financial institution (FI) conducts an enterprise-wide AML risk assessment?
A. The need to assess money laundering and terrorist financing risks and ensure there are adequate controls to mitigate those risks.
B. The identification of specific risk categories (i.e., export, inactivity, layman, and false locations) unique to the bank.
C. The need to understand its overall budget needs for each department and for internal audit.
D. The board of directors and senior management are required to have an AML risk assessment for the bank.
Which are the two most common controls a financial institution (FI) uses to identify suspicious money-laundering activity? (Choose two.)
A. Sanctions screening
B. Adverse media information
C. Governmental subpoena
D. Search warrant
E. Transaction monitoring rules
A financial institution's (FI's) compliance officer is developing targeted role specific training for those involved in managing the institution's Correspondent Banking relationships. Which key messages are important to be included in the training to align with the Wolfsberg Group's Principles? (Choose two.)
A. Funds used in the financing of terrorism and associated activities do not necessarily always come from criminal activity.
B. The respondent has sole responsibility for reporting suspicious activities regardless of the jurisdictions involved.
C. The correspondent and the respondent pose the same risk to each other so the level of due diligence would be the same.
D. Tier 1 banks can be subject to simplified due diligence provided enhanced due diligence is undertaken on the Directors.
E. Through the sharing of information, FI's can help combat and fight against terrorism.
Which principles should be included in a FATF-Style Regional Body (FSRB) update? (Choose two.)
A. Issue country-specific Mutual Evaluation reports
B. Address AML/CFT technical assistance of individual members
C. Identify jurisdictions with weak AML/CFT regimes
D. Establish AML/CFT standards and typologies
E. Protect the reputation and standing of FATF
Upon receipt of a law enforcement or government request about a customer, a financial institution (FI) should immediately perform which task?
A. Notify the board of directors that the customer is currently under investigation.
B. File a suspicious activity report or suspicious transaction report.
C. Contact the customer to inform them of the request.
D. Review account activity for the customer to determine their overall risk.
A money service business (MSB) has implemented an automated transaction monitoring system. Upon reviewing an alert, an analyst suspects the activity may be indicative of terrorism financing. Which additional information would indicate the alert should be escalated for further investigation?
A. The use of funds by a non-profit organization is consistent with the purpose for which it was established.
B. The raising of donations takes place in an official, registered manner.
C. Transactions in the name of an entity, a foundation, or association are linked to a trust fund.
D. A customer donates to an organization that is a sanctioned entity.
A precious metals dealer opens a new account with a bank. Which requires a referral to AML Investigations for further review?
A. International outgoing wires to diamond dealers that are part of the diamond pipeline.
B. Payments received on the account reference unknown companies in the instructions.
C. International incoming payments from foreign companies in which the precious metals dealer has an established relationship.
D. Multiple daily point of sale transactions from third parties that appear to be individuals.
Under the USA PATRIOT Act, in which scenario would the US not have jurisdiction?
A. US bank subsidiaries located in foreign jurisdictions
B. Foreign branch of a bank located in the US
C. Foreign bank with a US correspondent account
D. Shell banks operating in foreign jurisdictions
The process of sending mass emails to unsuspecting customers to obtain personal identifiable information via trickery is known as:
A. Spear phishing
B. Voice phishing
C. Bulk phishing
D. SMS phishing
FATF recommends the incorporation of some measures in customer due diligence (CDD) programs including:
A. conducting the risk assessment of products and services.
B. conducting ongoing due diligence on the business relationship and monitoring of transactions.
C. identifying the products and services and their suitability to customers.
D. identifying the number of beneficial owners without the verification of their true identity.
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