Which of thebelow statementsare supported by theFinancial Action Task Force (FATF) 40 Recommendationsadopted in 2012? (Select Two.)
Release of the EU's Fourth AML Directive resulted in what change to member state*s procedures? (Select Two.)
An agent of a wealthy individual residing in Country A, which is on the EU list of high-risk third jurisdictions, approaches a notary in Country B, which is in the EU. The agent wants to complete a disposal of assets recently acquired at auction by the wealthy individual through an offshore company. The agent also has a power of attorney to act on behalf of the offshore company issued by a respectable law firm from Country C, which is also in the EU. The agent asks the notary to proceed with the disposal as quickly as possible without paying any specific attention to related costs or taxes to be paid as a result of this transaction. The notary notices the intended transfer price is significantly lower than the one recorded at auction, but the agent does not want to discuss this matter and claims that it is not covered by the power of attorney.
Which red flags should the notary consider? (Select Two)
Following a recent exercise which explained how a correspondent banking operation could be used by money launderers, an anti-money laundering specialist decided to re-write the due diligence procedures for entering into agreements with foreign financial institutions. Which of the following information should be included to establish a rigorous "Know Your Respondent" procedure?
1.Respondent's management, nature of license, and major business activity.
2. Computer equipment and software capability.
3. The quality of supervision in the home country.
4. Respondent's location, in particular the existence of a real physical presence.
The Wolfsberg Principles for Private Banking list circumstances that would require additional due diligence, including activities that involve which three of these choices?
Under requirements for correspondent accounts in the USA PATRIOT Act, the word "certification" refers to a written representation by a
Which statement regardingdata privacyis the most accurate in the context ofAML investigations?
Which of the following is among the Financial Action Task Force criteria defining non-cooperative countries and territories?
A compliance officer provides an overview of the bank’s anti-money laundering program to a group of new
tellers during employee orientation.
Which training element should be delivered to this audience?
What is the most effective criterion for determining the beneficial ownership of funds?
Which situation is the highest risk for money laundering and terrorist financing activity?
Which action should countries take related to the financing of terrorist acts in accordance with the Financial
Action Task Force 40 Recommendations?
Which insurance product is particularly vulnerable to money laundering?
A bank sells reloadable open-loop prepaid cards to both customers and non-customers.
What is a red flag associated with these cards that may indicate money laundering?
A compliance analyst is reviewing the account activity of a customer that they suspect may be indicative of money laundering activity. Which is difficult to determine solely from the customer's account activity and KYC file?
How do nominees benefit criminals misusing thorn for money laundering purposes? (Select Two.)
Which requirement is included in the Fourth European Union Directive on money laundering?
Historically, which vehicle is most often used to hide beneficial ownership?
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