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What do the Financial Action Task Force (FATF) mutual evaluations of each member assess?A. The levels of implementation of the FATF Recommendations
B. The member’s ability to send a representative to the plenary sessions
C. If the member has a large enough economy to maintain its membership
D. If the member has made any suggestions for updates to the FATF Recommendations
Answer: A
A compliance officer receives a report from the institution’s monitoring system. One account was identified in multiple alerts for the amount of cash deposited and international wires sent.Which two sources of information held within the institution will enable the compliance officer to determine whether the activity should be reported? (Choose two.)
A. The signature card for the account
B. The customer due diligence information on file
C. The monitoring system parameters for identifying unusual activity
D. Transaction records for the period during which the unusual activity occurred
Answer: BD
A company service provider in Country A sets up a corporate structure for a client from Country B, which is known for corruption. The corporate structure includes a holding company in Country A with a bank account in one of the international banks located there.During on-boarding, the client’s wealth was estimated at $7 million. Shortly thereafter, the client’s father became president of Country B. During a routine client review two years later, it was identified that client’s wealth had grown to $510 million.What are two red flags that indicate money laundering or financial terrorism? (Choose two.)
A. The client is from a country known for corruption.
B. The substantial growth in wealth during a short period of time.
C. The client is a family member of a PEP from a country known for corruption.
D. The holding company is in Country A with a bank account in one of the international banks.
Answer: BC
A compliance officer is reviewing the activity of the wire transfer department for the previous month and identifies an unusual wire transfer from a customer’s account.Which information should be included in the review of the customer’s activity?
A. Records of the recent deposit activity
B. Wire transfer requests initiated by phone and internet
C. Total number of wires processed each month over the previous year
D. Whether the bank processes wire transfers through a correspondent bank
Answer: D
A compliance officer is tasked with implementing an enterprise-wide anti-money laundering program for a bank, which operates in multiple countries. Not all the bank products and services are available in all countries.Which three factors should be considered as part of the approach? (Choose three.)
A. The types of customers serviced by the bank
B. The customer onboarding platform that will be used
C. The extent of anti-money laundering regulations in the various countries
D. The anti-money laundering risk posed by the products and services offered by the bank
E. The amount of resources needed to implement the anti-money laundering program in the countries
Answer: BCD
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