In order to protect investigative materials from disclosure when conducting an internal Investigation of any employee of a financial institution, legal counsel of that financial should________?
A. Request formal company authorization to conduct the investigation. Such authorization should be granted, ifpossible, by the board of directors or audit committee
B. Refuse to provide any records or documents to law enforcement because the bank has client privilege with its bank customers
C. Let the bank hire any and all contract investigators to conduct the internal investigation. That way Legal is not a party to the action and may remain independent
D. Not mark files or documents with privileged and Confidential: Attorney-Client Privilege and/or Work-Product. Those marks will only encourage law enforcement or opposing attorneys to seize those files
Which situation is the highest risk for money laundering and terrorist financing activity?
A. A customer purchases casino chips, using small denomination bank notes, but does not engage ingame play before redeeming the chips for a casino check
B. A customer purchases casino chips and engages in significant game play before requesting a casino check for the remainder
C. A customer purchases casino chips using a credit card and engages inminimal game play before redeeming the chips for a casino check
D. A customer purchases casino chips using credit from an account at an affiliated casino and engages in significant game play before redeeming the chips for a casino check
How should a financial institution deter money laundering through new accounts? Choose 3 answers
A. Document the identity of the party opening the account
B. Query owner's names against FATF database
C. Determine the beneficial owner(s) of the account
D. Seek to determine the source of deposited funds
Pursuant to the Third European Union Money Laundering Directive, how long after being out of prominent office should a person NOT be considered to be a Politically Exposed Person (PEP)?
A. 1 year
B. 2 years
C. 3 years
D. 4 years
Which method most likely indicates the placement stage of laundering dirty money in a land based casino?
A. Transferring substantial amounts of money from a client's credit card to a client's casino's VIPaccount
B. Buying casino chips against a bank draft
C. Redeeming smaller denomination casino chips for largest denomination chips
D. Using cash to buy casino winnings from legitimate winners at a premium
A compliance officer at a small local bank reads in the newspaper that a high ranking local public official, who is a long-standing account holder, is being investigated by the competent authorities for accepting bribes. The compliance officer
immediately checks the official's account and new account the official opened at the bank a few weeks ago. The compliance officer's investigation of these accounts discloses that the official's long-standing account had no unusual activity
and that the recently opened had no activity since it was opened.
What should the compliance officer do next?
A. Wait until the new account receives funds and confirm their source
B. Call the competent authorities to assess the need to file a suspicious transaction report
C. Meet with staff who opened the account to understand its nature and purpose
D. Call the office to confirm the need for multiple accounts
What facilitates law enforcement agent obtaining evidence from authorities in a foreign country relating to criminal activity?
A. Mutual Legal Assistance Treaties (MLAT)
B. Patriot Act Communications System
C. The World Wide Network of Information Sharing
D. MLAT Executive Agreement
Which three entities does the Third European Union Money Laundering Directive apply to?
A. Financial Institutions
B. Defense Attorneys
C. Casinos
D. Real Estate Agents
Which two statements about the Wolfsberg Group are true?
A. It is composed of representatives of financial intelligence units from around the world
B. It focuses primarily on Know Your Customer, AML and CTF guidance
C. It based its original guidance around combating the laundering of proceeds of narcotics trafficking
D. It has no power to impose its principles/guidance
After evaluating recent changes to international standards, an anti-money laundering specialist should consider enhanced due diligence on accounts held by which three groups of people?
A. Lawyers
B. Foreign Exchange Dealers
C. Retail Account Holders
D. Precious Metal Dealers
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