OLIVER'S AML WSB FINANCIAL LITERACY ACTUAL
COMPLETE EXAM|WITH ACCURATE QUESTIONS AND
VERIFIED ANSWERS|GRADED A
2008 Egmont Group opened in Ans✓✓✓ Toronto, Canada
2015 FIU of the Egmont Group had Ans✓✓✓ 154 Financial Intelligence
Units (FIUs) of the Egmont Group, including Canada (FINTRAC)
and even many nations deemed to be tax havens and possible prime
targets for money launderers such as the
Bahamas, the Cayman Islands, Colombia, Lichtenstein, and Vanuatu.
Ascertaining Identity Ans✓✓✓ The identity of the initiator of financial
transactions relevant to FINTRAC reporting requirements must be
confirmed
for any transaction other than the initial deposit.
Barriers to Exchange of Information Ans✓✓✓ • Lack of resources;
• Number of law enforcement agencies that may be
involved within any one jurisdiction;
• Reluctance of financial institutions to provide reports;
• Unwillingness to share information; and
• Technical obstacles to the rapid exchange of
information.
,Black-Market Peso Exchange (BMPE) Ans✓✓✓ This system of money
laundering is used to swap dollars in the United States for pesos in
Colombia, and is considered
to be the largest single avenue for laundering drug proceeds in the U.S.
In 2000, the BMPE laundered an estimated $5 billion of drug money for
Colombian traffickers
Canada Border Services Agency (formerly known as Canada Customs
and Revenue Agency) anti-ML efforts Ans✓✓✓ • Requires declaration
of the import or export of currency or monetary instruments of or over
$10,000.
Canada Revenue Agency (CRA) anti-ML efforts Ans✓✓✓ Receives
declarations of import and export of large
amounts of cash or money in other forms and transmits them to
FINTRAC;
• Enforces reporting when large amounts of money are taken across
borders; and
• Investigates the evasion of taxes or duties related to money laundering
or terrorist activities.
Canada Strategy to Combat ML Ans✓✓✓ Fourfold:
(1) Enforce the laws;
(2) Protect personal information;
(3) Keep down the cost of compliance; and
(4) Support international efforts.
, Citizenship and Immigration Canada (CIC) anti-ML efforts Ans✓✓✓ •
Prevents entry of foreign nationals engaged in money laundering and
arranges their removal.
Client ascertained by Agent or mandatary Ans✓✓✓ • Client
identification information
• Name of the entity that identified your client
• Written agreement with agent
• Identification method used
• Information gathered according to the method used
• Date of verification
• Date you referred to their verification of your client
Client ascertained by domestic or foreign affiliate and Financial services
cooperative or credit union central would require Ans✓✓✓ • Client
identification information
• Name of the entity that identified your client
• Identification method used
• Information gathered according to the method used
• Date of verification
Credit file Method - Canadian credit file in existence for at least three
years - Name, address, and date of birth Ans✓✓✓ • Client identification
information
COMPLETE EXAM|WITH ACCURATE QUESTIONS AND
VERIFIED ANSWERS|GRADED A
2008 Egmont Group opened in Ans✓✓✓ Toronto, Canada
2015 FIU of the Egmont Group had Ans✓✓✓ 154 Financial Intelligence
Units (FIUs) of the Egmont Group, including Canada (FINTRAC)
and even many nations deemed to be tax havens and possible prime
targets for money launderers such as the
Bahamas, the Cayman Islands, Colombia, Lichtenstein, and Vanuatu.
Ascertaining Identity Ans✓✓✓ The identity of the initiator of financial
transactions relevant to FINTRAC reporting requirements must be
confirmed
for any transaction other than the initial deposit.
Barriers to Exchange of Information Ans✓✓✓ • Lack of resources;
• Number of law enforcement agencies that may be
involved within any one jurisdiction;
• Reluctance of financial institutions to provide reports;
• Unwillingness to share information; and
• Technical obstacles to the rapid exchange of
information.
,Black-Market Peso Exchange (BMPE) Ans✓✓✓ This system of money
laundering is used to swap dollars in the United States for pesos in
Colombia, and is considered
to be the largest single avenue for laundering drug proceeds in the U.S.
In 2000, the BMPE laundered an estimated $5 billion of drug money for
Colombian traffickers
Canada Border Services Agency (formerly known as Canada Customs
and Revenue Agency) anti-ML efforts Ans✓✓✓ • Requires declaration
of the import or export of currency or monetary instruments of or over
$10,000.
Canada Revenue Agency (CRA) anti-ML efforts Ans✓✓✓ Receives
declarations of import and export of large
amounts of cash or money in other forms and transmits them to
FINTRAC;
• Enforces reporting when large amounts of money are taken across
borders; and
• Investigates the evasion of taxes or duties related to money laundering
or terrorist activities.
Canada Strategy to Combat ML Ans✓✓✓ Fourfold:
(1) Enforce the laws;
(2) Protect personal information;
(3) Keep down the cost of compliance; and
(4) Support international efforts.
, Citizenship and Immigration Canada (CIC) anti-ML efforts Ans✓✓✓ •
Prevents entry of foreign nationals engaged in money laundering and
arranges their removal.
Client ascertained by Agent or mandatary Ans✓✓✓ • Client
identification information
• Name of the entity that identified your client
• Written agreement with agent
• Identification method used
• Information gathered according to the method used
• Date of verification
• Date you referred to their verification of your client
Client ascertained by domestic or foreign affiliate and Financial services
cooperative or credit union central would require Ans✓✓✓ • Client
identification information
• Name of the entity that identified your client
• Identification method used
• Information gathered according to the method used
• Date of verification
Credit file Method - Canadian credit file in existence for at least three
years - Name, address, and date of birth Ans✓✓✓ • Client identification
information
