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A close relative of a privately-owned bank's senior manager requests to open an account. Because of this relationship, the staff expedites the opening of the account without following established accountopening procedures. Applying the Basel Committee on Banking Supervision principles, which of the following poses the highest operational risk?
A. Failure to conduct proper due diligence.
B. The possibility of lawsuits that adversely affect the operations of a bank.
C. The bank's exposure to politically exposed persons.
D. Not having appropriate information to share with Financial Intelligence Units.
A division anti-money laundering officer for a financial institution has been conducting a monthly selfassessment. The officer reviews the accounts opened for compliance with a long standing Know Your Customer policy. The self-assessment for the latest month shows a significant increase in compliance deficiencies for the first time in more than a year.Which of the following is the next course of action for the anti-money laundering officer to take?
A. Inform the Board promptly of the Know Your Customer policy trend over the last 6 months.
B. Determine if there is a readily identifiable cause for the deficiencies.
C. Implement a revision to the account-opening training program.
D. Revise the policy to simplify Know Your Customer compliance before the report is issued.
According to the Financial Action Task Force 40 Recommendations, Designated Non-Financial Businessesand Professions include
A. commodities traders.
B. money services businesses.
C. hawala operators.
D. real estate agents.
A suspicious transaction report filed on a car dealer structuring deposits initiates a criminal investigation. The dealer changes branches and begins placing transactions with a frontline employee to whom the dealer has given numerous gifts.This employee handles all of the dealer's structured deposits and does not report the suspicious activity internally.The competent authority has advised the anti-money laundering specialist to avoid tipping off theemployee until the investigation is finalized.What action should the specialist take next?
A. Recommend the immediate termination of the employee.
B. Advise that the dealer's accounts should be closed.
C. Consult with senior management and the legal advisor.
D. Inform the institution's regulatory agency of the situation.
An anti-money laundering expert is hired by a new Internet bank to assess the money laundering threatto the bank. Because it is an o line bank the most important recommendation for the expert to make isthat the bank
A. limit the amount which can be processed per transaction.
B. ensure that prospective new customers can be properly identified.
C. set up automated programs to analyze transaction for money laundering activity.
D. ensure that a firewall is set up to protect the transactions.
During an ongoing investigation into a client's activities by a competent authority, a compliance officershould
A. Ensure communication with regulatory and law enforcement authorities is conducted only throughsenior management.
B. Communicate only in writing with regulatory and law enforcement authorities in line with applicablelocal laws.
C. Communicate with regulatory and law enforcement authorities in line with applicable local laws.
D. Limit communication with regulatory and law enforcement authorities to the absolute minimum.
A money remittance business will most likely attract money launderers because it:1. deals primarily in cash transactions.2. engages in international transactions.3. conducts transactions for walk-in customers.4. does not have to comply with transaction reporting.
A. 1, 2, and 3 only
B. 1, 2, and 4 only
C. 1, 3, and 4 only
D. 2, 3, and 4 only
Which of the following represents the first Financial Action Task Force initiative?
A. The 40 Recommendations on Money Laundering
B. The Report on Non-Cooperative Countries and Territories
C. The Report on Money Laundering Typologies
D. The Special Recommendations on Terrorist Financing
Which of the following is the best action to take regarding a particular account once suspicious activity is reported by the institution?
A. Notify the client that the transaction has been reported.
B. Freeze the funds pending notification from the competent authority.
C. Secure all supporting documentation.
D. Immediately close the account.
Transfers of money over the last 6 months to a corporation in a jurisdiction with strict secrecy lawstriggered an alert. Which of the following should cause the most suspicion of money laundering?
A. The jurisdiction is a known tax haven.
B. The company has bearer shares.
C. The corporation director is a European citizen.
D. No financial statements have been filed for 3 years.