Which two factors assist a money laundering investigation that involves multiple countries? (Choose two.)
Answer(s): B,C
A popular restaurant in town has begun depositing less cash than it has in prior years. In a review of the customer’s accounts, you notice that credit card receipts have increased with no explanation.The account officer discovers that the restaurant has installed a privately-owned automated teller machine (ATM) onsite and has begun construction of a patio dining area.Which red flag should trigger additional investigation?
Answer(s): C
An organization’s automated surveillance system identifies large fluctuations in customer activity. As a result of an audit, the compliance officer is informed that the system is not generating alerts when activity is consistently abnormal over a long period of time. Currently the organization is evaluating new alert scenarios in an attempt to address this problem.Which type of scenario is helpful in mitigating this weakness?
Upon a routine account review a money laundering investigator identified a number of large round dollar wire transfer deposits into a business account owned by a local auto repair shop. The wire transfers all originated from a country that is a known financial secrecy haven with poor anti-money laundering controls. The investigator concludes there appears to be no legitimate business purpose for the wire transfers and files a suspicious transaction report. The owner of the auto repair shop is popular in the community and is a well- known philanthropist. To whom should the investigator escalate these concerns?
Answer(s): D
A compliance officer learns from an Information Technology (IT) source of a potential new financial service being discussed by the new product approval committee.What is the correct next course of action?
Answer(s): A
What is the goal of the Egmont Group in providing a forum for Financial Intelligence Units (FIUs) around the world?
Answer(s): B
https://en.wikipedia.org/wiki/Egmont_Group_of_Financial_Intelligence_Units
A compliance officer at an insurance company has been reviewing the transaction activity of several clients. Which transaction is considered a red flag for potential money laundering?
The branch manager notices that a number of customers come in weekly and always use the same teller to process their deposits. The manager notices that the customers and the teller, who are from the same ethnic group, are speaking in a foreign language and every once in a while the customers from local ethnic restaurants will bring the teller lunch. The commercial customers that visit the teller generally deposit the same amount of cash each time they come in.How should the branch manager respond to this activity?
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