Q49. A profitable commercial customer who operates an import-export business has multiple accounts with the same institution at branches in different locations. The customer receives funds from a jurisdiction perceived as highly corrupt according to Transparency International ratings. The customer makes frequent transfers among the accounts and prefers to manage the accounts separately. What should the institution do to mitigate the risk associated with these accounts?

Q50. What can a compliance officer do in the absence of automated software to conduct U.S. Department of the Treasury Office of Foreign Assets Control (OFAC) sanction screens?

Q51. What facilitates law enforcement agent obtaining evidence from authorities in a foreign country relating to criminal activity?

Q52. A junior account manager within an international private bank in Country A noticed that one of his valued customers, who has held an account for several years in the institution, started making cash deposits in batches through various banks in Country B.
The account never received cash deposits and the junior account manager knew that banks in Country B were located very close to each other. What should the junior account manager do?

Q53. Which is a key goal of EU Directives on money laundering?

Q54. Since its last regulatory examination, a financial institution has aggressively grown by adding profitable new products and services. The institution has not historically received regulatory criticism regarding its anti-money laundering compliance program. However, a recent regulatory examination cited significant deficiencies in the anti-money laundering program that were attributed primarily to the lack of oversight by the institution’s leadership in implementing adequate controls over the new products and services.
Which area of international control should leadership first address to correct the weaknesses in the program?

Q55. According to the Financial Action Task Force 40 Recommendations, Designated Non-Financial Businesses and Professionals include which entities?

Q56. A customer has held an account at a local credit institution for 10 years. The account has received deposits twice weekly for the same amount and has never shown signs of suspect behavior. Monitoring software indicated that in the past few months the account has received several large deposits that were not in line with the account history.
When asked, the customer states she recently sold a piece of property, which is supported with a proof of sale.
Which of the following should the compliance officer do next?

Q57. The line of business is responsible for creating, implementing and maintaining policies and procedures, as well as communicating these to all personnel. It must also establish processes for screening employees to ensure high ethical and professional standards and deliver appropriate training on AML policies and procedures based on roles and functions performed so employees aware of their responsibilities. To facilitate this, employees should be trained as soon as possible after being hired, with refresher training as appropriate.
To guard against acquisition or control of a financial institution by money launderers or their associates, what should supervisory agencies require?

Q58. Can trading in antiques be useful for money laundering?

Q59. Which two statements about the Wolfsberg Group are true?

Q60. Which step should be taken to understand the types of financial institutions to whom the services are being offered when a correspondent bank permits “nested” relationships according to the Wolfsberg Group?

Q61. In order to protect investigative materials from disclosure when conducting an internal Investigation of any employee of a financial institution, legal counsel of that financial should ____________?

Q62. An auction house dealing in fine art and antiques sells a well-known painting at a price of $12 million to an agent bidding for a group of local investors. The same painting sold ten years prior at auction for $5 million. The auction house receives payment for the painting via wire transfer from an account maintained in an offshore jurisdiction by the investor group. No beneficial ownership information is available for the account.
What are the two money laundering red flags? (Choose two.)

Q63. What is a key objective of the Egmont Group?

Q64. Which action should be taken regarding a particular account once suspicious activity is reported by the institution?

Q65. You need to build a solution to monitor Twitter. The solution must meet the following requirements:
* Send an email message to the marketing department when negative Twitter messages are detected.
* Run sentiment analysis on Twitter messages that mention specific tags.
* Use the least amount of custom code possible.
Which two services should you include in the solution? Each correct answer presents part of the solution.
NOTE: Each correct selection is worth one point.

Q66. In establishing procedures for the review of suspicious transactions and filling of STRs, what thing should an institution focus on?