A bank located in Arizona is considering a loan application for a new client. The collateral for the loan is a property in Florida.The loan will be in the name of a limited liability company (LLC) whose ownership is not disclosed to the bank. The LLC was established by a New York-based attorney.The loan will be repaid by the LLC in monthly wire transfers of $9, 000 which is more than the required monthly payment.Which aspect indicates the potential for money laundering?
Answer(s): A,C
What is a key risk associated with Correspondent Accounts according to the Basel Customer Due Diligence paper?
Answer(s): C
A law enforcement agency is reviewing a suspicious transaction report (STR) filed by a financial institution for suspicious activity on a client’s account. Subsequently, the agency requests further information.Which supporting documentation might the law enforcement agency request from the institution to facilitate its investigation?
Answer(s): B
A new compliance officer is reviewing the bank’s anti-money laundering program and notices that the risk assessment was completed six months ago. Since that time, the bank acquired another financial institution, re- named the internal records group, and streamlined cash handling procedures.Which factor causes the compliance officer to update the bank’s risk assessment?
Answer(s): A
The Wolfsberg Anti-Money Laundering Principles for Private Banking require new clients to be approved by whom?
Answer(s): D
https://www.wolfsberg-principles.com/sites/default/files/wb/pdfs/wolfsberg-standards/10.%20Wolfsberg-Private-Banking-Prinicples-May-2012.pdf (04)
Which two factors should increase the risk of a correspondent bank customer and require additional due diligence according to the Wolfsberg Anti-Money Laundering Principles for Correspondent Banking? (Choose two.)
Answer(s): C,D
In which two ways does a government Financial Intelligence Unit interact with public and private sectors? (Choose two.)
http://pubdocs.worldbank.org/en/834721427730119379/AML-Module-2.pdf
What do Financial Action Task Force (FATF)-style regional bodies do for their members to help combat money laundering and terrorist financing?
https://www.fatf-gafi.org/media/fatf/documents/brochuresannualreports/FATF30-(1989-2019).pdf
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