What is the currency threshold under the European Union Fourth Anti-Money Laundering Directive?
A. 3,000 Euros
B. 5,000 Euros
C. 10,000 Euros
D. 15,000 Euros
What are two requirements of United States financial institutions when conducting business with an international institution as a result of the USA PATRIOT Act? (Choose two.)
A. Performing enhanced due diligence on shell banks
B. Performing due diligence on correspondent accounts
C. Visiting the head office of the international financial institution
D. Complying with Special Measures issued under the USA PATRIOT Act
Which action does the Financial Action Task Force (FATF) recommend be taken against jurisdictions that have strategic deficiencies?
A. Conduct due diligence
B. Apply counter-measures
C. Add the jurisdiction to the United Nations' list of sanctioned jurisdictions
D. Create an action plan to address the deficiencies without the support of the FATF
A client opens a bank account for a multi-level marketing company. The debits and credits of the account are numerous and very involved. Further, there are a lot of international transactions. Also, funds are being tunneled from the company to the client's personal account in another jurisdiction.
Which two steps should law enforcement take in investigating this matter? (Choose two.)
A. Determine who are the signatories on the account
B. Ask the bank for the history of this multi-level marketing company
C. Examine the flow of money from the company to the individual in an effort to determine if it is legitimate
D. Examine possible Suspicious Activity Report information received from the local Financial Intelligence Units
Which method is used to launder money via wire remittances sent through a bureau de change or money services business?
A. A customer in country A makes a weekly small wire transfer to the bank account of an individual in country B.
B. A customer in country A makes frequent wire transfers to a single customer in country B that are slightly under the legal reporting threshold.
C. A large number of wire transfers are sent from a large number of senders in country A to a large number of recipients in country B during the period of December 1 to December 15.
D. A customer in country A receives four small wire transfers from four different individuals located in country B on December 21. The aggregate of the wire transfers falls below the legal reporting threshold.
Historically, a tour guide has made monthly cash deposits averaging $10,000. Over the past three months, the monthly deposits have averaged $100,000. When the financial institution questions the increased deposits, the tour guide explains that there have been numerous conventions in town so business has increased substantially.
Which further action(s) should the financial institution take?
A. Immediately terminate the relationship
B. Schedule a periodic review of activity
C. Perform further investigation, it appropriate report the activity to the authorities and consider terminating the relationship
D. Perform further investigation, if appropriate report the activity to the authorities and place a limit on future transactions
One key aspect of the Office of Foreign Assets Control's extraterritorial reach includes the blocking of certain non-United States initiated transactions for or through the United States (U.S.) for benefit of a restricted person or entity. Under which three circumstances are U.S. banks required to block transactions? (Choose three.)
A. The transactions are to, or go through, a blocked entity
B. Those that are by, or on behalf of, a blocked individual or entity
C. Those that are by or on behalf of a blocked individual and a licensed entity
D. Those that are in connection with a transaction in which a blocked individual or entity has an interest
E. Those that are in connection with a transaction in which a blocked individual or entity has no interest
Which two statements are true regarding the European Union Money Laundering Directives? (Choose two.)
A. They apply to member states of the European Union
B. They require member states to enact laws and/or regulations to comply with the directives
C. They set forth non-binding best practices for financial institutions within the member states
D. They have extraterritorial impact and apply to states that have diplomatic relations with member states
A compliance officer was recently reviewing transactional data for an international charity and found transactions that present a higher risk.
Which reason is cause for terminating the banking relationship?
A. The charity has had a high a high turnover rate of official positions
B. The charity has several incoming international funds transfers
C. The flow of funds both in and out are complex and hard to trace
D. The charity is headquartered in a country on the Office of Foreign Assets Control list
A banker in the credit department wants to assess the risk of all customers, and contacts the compliance officer to request a list of customers with suspicious transaction report filings.
What should be done to protect suspicious transaction report information?
A. Provide the suspicious transaction report information to the credit department
B. Decline to provide the suspicious transaction report information to the credit department
C. Seek approval from the board of directors to disclose the suspicious transaction report information
D. Contact the credit department manager to determine how the suspicious transaction report information can be provided
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