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First up, what should we call you?
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An anti-money laundering officer for a financial institution has been conducting a monthly self assessment. The officer reviews the accounts increase in 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. What is the nest course of action for the anti- money laundering officer to take?
(Question Type: Single Choice)
Determine if there is a readily identifiable cause for the deficiencies
Implement a revision to the account-opening training program
Inform the Board of Directors promptly of the Know Your Customer policy trend over the last sixmonths.
Revise the policy to simplify Know Your Customer compliance before the report is issued
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What is the term for trading through multiple accounts, where an individual generates offsetting profits and losses and transfers of positions through accounts that do not appear to be commonly controlled?
(Question Type: Single Choice)
Wash Trading
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Add RecommendationAdd TagsView All Assigned TagsMarket Manipulation
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Add RecommendationAdd TagsView All Assigned TagsPonzi scheme
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Add RecommendationAdd TagsView All Assigned TagsNet Trading
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What should law enforcement provide when asking an institution to keep an account open?
(Question Type: Single Choice)
An explanation of the underlying conduct that is being investigated
A written request on government agency letterhead with the appropriate signature
An in-person visit by an investigating official to explain the reasons why the account mustremain open
A written request with an explanation of the scope of the investigation
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Why do trusts established in certain offshore jurisdictions make good vehicles to launder money?
(Question Type: Single Choice)
Offshore jurisdictions are unfamiliar with trusts
Trusts may hold assest of significant size
Names of the settlor and beneficiaries are not publicly available
Trust are typically set up to minimize taxes
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What should a bank focus on to ensure on-going compliance with its AML program?
(Question Type: Single Choice)
It should ensure that the regulators have reviewed and have approved the bank's AML program
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Add RecommendationAdd TagsView All Assigned TagsIt should subject all new employees to criminal background checks before being hired
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Add RecommendationAdd TagsView All Assigned TagsIt should ensure that it develops and provides on-going targeted training of all current and newemployees
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Add RecommendationAdd TagsView All Assigned TagsIt should review and update its transaction monitoring system
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