The branch manager notices that a number of customers come in weekly and always use the same teller to process their deposits. The manager notices that the customers and the teller, who are from the same ethnic group, are speaking in a foreign language and every once in a while the customers from local ethnic restaurants will bring the teller lunch. The commercial customers that visit the teller generally deposit the same amount of cash each time they come in.
How should the branch manager respond to this activity?
A. Transfer the teller to another branch
B. Conduct further investigation before taking any other action
C. Encourage the teller to bring in more business from the ethnic community
D. Suggest to the teller to send the customers to other tellers to avoid the opportunity for collusion
Upon a routine account review a money laundering investigator identified a number of large round dollar wire transfer deposits into a business account owned by a local auto repair shop. The wire transfers all originated from a country that is a known financial secrecy haven with poor anti-money laundering controls. The investigator concludes there appears to be no legitimate business purpose for the wire transfers and files a suspicious transaction report. The owner of the auto repair shop is popular in the community and is a well-known philanthropist.
To whom should the investigator escalate these concerns?
A. Audit committee
B. Chairman of the Board
C. The owner of the auto repair shop
D. The bank anti-money laundering officer
A compliance officer learns from an Information Technology (IT) source of a potential new financial service being discussed by the new product approval committee. What is the correct next course of action?
A. Request that the new product approval committee include the compliance officer.
B. Go to the board of directors and try to shut the new service down immediately because the committee did not communicate with the compliance officer.
C. Get as much information as possible from the source so that potential risks can be researched and a report prepared and presented to the head of marketing.
D. Start initial research into potential risks but wait until notified that the service has been approved by the committee before initiating extensive research.
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.
The account officer discovers that the restaurant has installed a privately-owned automated teller machine (ATM) onsite and has begun construction on a patio dining area.
Which red flag should trigger additional investigation?
A. Privately-owned ATM
B. Lower cash deposits
C. Increased credit card receipts
D. Construction of the new patio dining area
An organization's automated surveillance system identifies large fluctuations in customer activity. As a result of an audit, the compliance officer is informed that the system is not generating alerts when activity is consistently abnormal over a long period of time. Currently the organization is evaluating new alert scenarios in an attempt to address this problem.
Which type of scenario is helpful in mitigating this weakness?
A. Peer
B. Income
C. Mapping
D. Below-the-line
When should the anti-money laundering risk assessment be updated?
A. Every two years
B. After a merger or acquisition
C. When the board of directors changes
D. When instructed to by the Financial Action Task Force
A customer brings $15,000 worth of chips into a casino and plays various games. The customer redeems all the remaining chips and requests a wire transfer of the proceeds to an unrelated third party. What are two red flags that indicate money laundering? (Choose two.)
A. Customer redeeming all remaining chips
B. Playing various games before cashing out
C. Bringing $15,000 worth of chips into the casino
D. Requesting a wire transfer to an unrelated third party
A United States (U.S.) bank was recently alerted by law enforcement of an increase in sale of large denomination U.S. bank notes to casas de cambio. They suspect that a Mexican syndicate is operating a money laundering scheme in the bank's jurisdiction.
Which two steps should be taken to trace funds through the bank to assist law enforcement in their investigation? (Choose two.)
A. Identify the money laundering scheme and submit a suspicious transaction report
B. Identify if there is a decrease in the sale of large denomination U.S. bank notes to casas de cambio by the bank
C. Identify deposits by casas de cambio that include third-party items including sequentially numbered monetary instruments
D. Identify multiple wire transfers initiated by casas de cambio to jurisdictions outside of Mexico that bear no apparent business relationship with that casa de cambio
Which two factors assist a money laundering investigation that involves multiple countries? (Choose two.)
A. Law enforcement and other authorities should have access to financial information that is pertinent to the investigation.
B. Every country should share all their information with foreign law enforcement and government authorities to facilitate rapid investigations.
C. Law enforcement and other authorities should be allowed to establish and utilize joint investigative teams with law enforcement in other countries.
D. Law enforcement and other authorities should not expedite information sharing between countries to ensure that all information is provided at the same time to avoid premature conclusions.
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 possible terrorist financing?
A. The charity frequently withdraws cash from the bank
B. The charity has branch locations located in various countries
C. The charity receives cash donations primarily from European countries
D. The charity maintains a bank account for non-business-related expenses
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