What are three indicators of money laundering associated with using electronic
funds transfers? - Answer >>>Funds transfers to or from financial secrecy haven
without an apparent business reason.
Funds transfers are received or sent from the same person to or from different
accounts.
Payments or receipts with no apparent link to legitimate contract goods or
services
On who does the ultimate responsibility for an institution's anti-money laundering
program rest? - Answer >>>FI board of directors.
,Federal law requires all U.S. financial institutions to secure and maintain all
records and supporting documentation used in suspicious activity reporting for
how many years? - Answer >>>5 years
The marketing department presents a business plan targeting individuals holding
important public positions. What are some steps the financial institution should
implement as part of the plan to target such individuals? - Answer >>>Investigate
the source of funds.
Determine the purpose of the account.
Take all reasonable steps to check the background of the individual based on
public information.
,Which statement is true about banking regulatory agencies having the authority
to obtain information from regulated institutions? - Answer >>>The agencies
authority to conduct examinations negates the need for a warrant or subpoena.
A customer comes into the bank and appears to be ill-at-ease waiting in the teller
line. When the customer gets to the teller, he become exceedingly nervous and
asks for a large cashier's check to be cashed and disbursed to him in $100 bills.
What should the teller do after completing the transaction? - Answer >>>File a
SAR on the customer
What is the term for trading through multiple accounts, where an individual
generates offsetting profits and losses and transfers of positions through accounts
that do not appear to be commonly controlled? - Answer >>>Wash Trading
, In performing a risk analysis, which factor(s) should a financial institution review?
- Answer >>>Its customer base, location, products and services.
How should a financial institution deter money laundering through new accounts?
- Answer >>>Document the identity of the party opening the account.
Determine the beneficial owners of the account.
Seek to determine the the source of deposited funds.
A commission regotorie would be used in which gateway to obtain information
from another country? - Answer >>>An FIU request under the EGMONT principles
funds transfers? - Answer >>>Funds transfers to or from financial secrecy haven
without an apparent business reason.
Funds transfers are received or sent from the same person to or from different
accounts.
Payments or receipts with no apparent link to legitimate contract goods or
services
On who does the ultimate responsibility for an institution's anti-money laundering
program rest? - Answer >>>FI board of directors.
,Federal law requires all U.S. financial institutions to secure and maintain all
records and supporting documentation used in suspicious activity reporting for
how many years? - Answer >>>5 years
The marketing department presents a business plan targeting individuals holding
important public positions. What are some steps the financial institution should
implement as part of the plan to target such individuals? - Answer >>>Investigate
the source of funds.
Determine the purpose of the account.
Take all reasonable steps to check the background of the individual based on
public information.
,Which statement is true about banking regulatory agencies having the authority
to obtain information from regulated institutions? - Answer >>>The agencies
authority to conduct examinations negates the need for a warrant or subpoena.
A customer comes into the bank and appears to be ill-at-ease waiting in the teller
line. When the customer gets to the teller, he become exceedingly nervous and
asks for a large cashier's check to be cashed and disbursed to him in $100 bills.
What should the teller do after completing the transaction? - Answer >>>File a
SAR on the customer
What is the term for trading through multiple accounts, where an individual
generates offsetting profits and losses and transfers of positions through accounts
that do not appear to be commonly controlled? - Answer >>>Wash Trading
, In performing a risk analysis, which factor(s) should a financial institution review?
- Answer >>>Its customer base, location, products and services.
How should a financial institution deter money laundering through new accounts?
- Answer >>>Document the identity of the party opening the account.
Determine the beneficial owners of the account.
Seek to determine the the source of deposited funds.
A commission regotorie would be used in which gateway to obtain information
from another country? - Answer >>>An FIU request under the EGMONT principles
