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Which /of /the /following /is /the /most /common /method /of /laundering /money /through /a /legal /money /services /business? A. /Exchanging /currency /and /remitting /money B. /Smuggling /bulk /cash C. /Transferring /funds /through /payable /through /accounts /(PTAs) D. /Exchanging /Colombian /pesos /on /the /black /market /- /verified /answer(s)- ✔✔ a In /general, /the /three /phases /of /money /laundering /are /said /to /be: /placement /and A. /structuring /and /manipulation. B. /layering /and /integration. C. /layering /and /smurfing. D. /integration /and /infiltration. /- /verified /answer(s)- ✔✔ b Which /statement /is /true? A. /Systemic /weaknesses /in /free /trade /zones /include /inadequate /AML/CFT /safeguards, /minimal oversight /by /local /authorities /and /weak /procedures /to /inspect /goods.
B.
/Cuckoo /smurfing /is /a /significant /money /laundering /technique /identified /by /the /Financial /Action Task /Force, /wherein /a /form /of /structuring /uses /nested /accounts /with /shell /banks /in /secrecy /havens. C. /In /its / 40 /Recommendations, /the /FATF /issued /a /list /of /designated /categories /of /offense /that /asserts crimes /for /a /money /laundering /prosecution. D. /E- cash /is /not /attractive /to /the /money /launderer /because /it /cannot /be /completely /anonymous /and does /not /allow /for /large /amounts /to /be /transported /quickly /and /easily. /- /verified /answer(s)- ✔✔ a Which /three /of /the /following /is /an /indication /of /possible /money /laundering /in /an /insurance /industry /scenario? A. /Insurance /products /sold /through /intermediaries, /agents /or /brokers B. /Single-premium /insurance /bonds, /redeemed /at /a /discount C. /Policyholders /who /are /unconcerned /about /penalties /for /early /cancellation D. /Policyholders /who /redeem /the /policy /within /the /free /look /period /- /verified /answer(s)- ✔✔ b, /c, /d Which /two /activities /are /typically /associated /with /the /black /market /peso /exchange /(BMPE) /money /laundering /system?
/Basel /Committee /allowing /properly /regulated /financial /institutes /of /another /member /state /of /the /Basel /Committee /to /do /business /without /additional /supervision /to /the /degree /that /the other /state /grants /the /same /right C. /The /right /of /each /FATF /member /country /to /delegate /prosecution /of / a /case /of /money /laundering /to /another /member /that /is /already /investigating /the /same /case D. / A /rule /in /the /law /of /a /country /allowing /its /authorities /to /cooperate /with /authorities /of /other /countries /to /the /degree /that /their /law /allows /them /to /do /the /same /- /verified /answer(s)- ✔✔ d The /greatest /risk /for /money /laundering /is /for /casinos /that
A. /provide /their /customers /with /a /wide /array /of /gambling /services. B. /operate /in /a /non-Egmont /member /country. C. /allow /customers /with /credit /balances /to /withdraw /funds /by /check /in /another /jurisdiction. D. /only /send /suspicious /transaction /reports /to /the /financial /intelligence /unit /of /the /country /it /operates /in. /- /verified /answer(s)- ✔✔ c Which /statement /is /true /regarding /the /risk /of /politically /exposed /persons /(PEPs)? A. /PEPs /provide /access /to /third /parties /on /whom /the /financial /institution /has /not /conducted /sufficient /due /diligence. B. /PEPs /have /significantly /greater /exposure /to /the /politically /corrupt /funds, /including /accepting /bribes /or /misappropriating /government /funds. C. /PEPs /are /foreign /customers /who /inherently /present /additional /risk /as /they /are /engaged /in /crossborder /transactions. D. /PEPs /generally /do /not /pose /enhanced /risks /to /an /institution /due /to /their /political /standing; /rather, /PEPs /increase /the /prestige /of /an /institution. /- /verified /answer(s)- ✔✔ b
/the /customer /requires /any /additional /banking /services, /the /customer /responds /that /she /is /also /interested /in /opening /a /personal /investment /account. /The /account /representative /refers /the /customer /to /the /broker- dealer. /The /customer /tells /the /firm /representative /she /has /never /had / a /brokerage /account /before /and /has /a /few /questions /about /how /an /investment /account /works. /The /customer /asks /how /deposits /can /be /made /into /her /account, /if /there /are /any /reporting /requirements,
/and /how /to /go /about /moving /balances /out /of /the /account /using /wire /transfers. /No /questions /are /asked /about /fees /associated /with /these /transactions. /Which /three /items /would /be /considered /suspicious? A. /The /customer /asks /many /questions /about /the /brokerage /account /but /- /verified /answer(s)- ✔✔ a, /c /& /d Trade-based /money /laundering /requires /the /ability /to A. /over- /or /under-invoice /the /goods. B. /sell /the /imported /goods /for /as /little /as /possible. C. /use /goods /that /do /not /need /to /be /declared. D. /avoid /the /use /of /high-value /assets /such /as /luxury /cars /or /boats. /- /verified /answer(s)- ✔✔ a Which /of /the /following /statements
/by /using /the /accounts /they /set /up /for /them /for /the /placement /and /layering /of /funds. /- /verified /answer(s)- ✔✔ d Which /three /of /the /following /statements /are /true /in /respect /to /the /Fourth /EU /Anti- Money /Laundering /Directive? A. /Member /countries /can /decide /when /and /if /they /incorporate /it /into /their /local /laws. B. /It /repeals /and /replaces /the /Third /EU /Directive /on /Anti-Money /Laundering. C. /Each /member /country /must /hold /beneficial /ownership /information /in /a /central /registry /and /it /must /be /made /available /to /competent /authorities. D. /The /definition /of /a /PEP /is /expanded /to /include /domestic /persons. /- /verified /answer(s)- ✔✔ b, /c /& /d According /to /the /EU /Directives, /an /independent /legal /professional /is /obligated /to /report /suspicion /of /money /laundering /in /a /client /relationship /when A. /representing /a /client /in /a /legal /matter.
B. /ascertaining /the /legal /position /for /a /client. C. /participating /in /financial /or /corporate /transactions. D. /obtaining /information /associated /with /a /judicial /proceeding. /- /verified /answer(s)- ✔✔ c Which /of /the /following /is /the /most /difficult /regulatory /challenge /facing /a /foreign /financial /institution /with /a /correspondent /banking /relationship /in /the /U.S.? A. /USA /PATRIOT /Act B. /Basel /Due /Diligence /Principles /for /Banks C. /FATF /Guidance /on /Terrorist /Financing D. /UN /Security /Council /Resolution /on /Correspondent /Banking /- /verified /answer(s)- ✔✔ a Which /were /the /Basel /Committee's /two /main /motivations /to /encourage /strong /know /your /customer /programs /in /its /paper /Customer /Due /Diligence /for /Banks? /(Choose /two) A. /Mirror /FATF's /KYC /recommendations. B. /Meet /European /Union /guidelines. C. /Protect /the /safety /and /soundness /of /banks. D. /Protect /the /integrity /of /banking /systems. /- /verified /answer(s)- ✔✔ c /& /d What /is /the /definition /of /a /predicate /offense?
/person /or /entity /who /is /a /gatekeeper, /has /the /legal /title /to /the /account /and /typically /transfers /the funds /to /a /trust /- /verified /answer(s)- ✔✔ b FinCEN's /Advisory /to /U.S. /Financial /Institutions /on /Promoting /a /Culture /of /Compliance, /published /in /2014, /listed /six /areas /of /emphasis. /Which /three /areas /are /included /in /that /list? A. /Leadership /should /be /engaged. B. /Information /should /be /shared /throughout /the /organization. C. /Leadership /and /staff /should /understand /how /their /BSA /reports /are /used. D. /The /organization /must /have /an /appropriately /qualified /compliance /officer. /- /verified /answer(s)- ✔✔ a, /b /& /d Which /of /the /following /should / a /national /legislature /consider /when /criminalizing /money /laundering /in /line /with /the /CFATF / 19 /Recommendations? /(Choose /three.) A. /Defining /money /laundering /based /on /the /model /laws /issued /by /the /Organization /of /American /States B. /Permitting /forfeiture /in /all /cases /following /conviction
C.
/Indicating /whether /it /is /relevant /that /a /predicate /offense /may /have /been /committed /outside /the /local /jurisdiction D. /Requiring /money /laundering /offenses /to /prove /that /the /offender /has /actual /knowledge /of /a /criminal /connection /to /the /funds /- /verified /answer(s)- ✔✔ a, /b /& /c Which /three /statements /are /true /about /the /Fourth /EU /Directive /on /Money /Laundering? A. /It /updates /European /Community /legislation /to /be /further /in /line /with /the /Financial /Action /Task /Force /(FATF) / 40 /Recommendations. B. /It /repeats /the /definition /of /a /politically /exposed /person /in /previous /directives. C. /It /repeats /the /customer /due /diligence /requirements /of
/confiscated; /and /on /mutual /legal /assistance, /but /not /necessarily /on /other /international /requests /for /cooperation. C. /consider /the /feasibility /of / a /system /in /which /banks /and /other /financial /institutions /and /intermediaries /would /report /currency /transactions /without /indicating /a /minimum /fixed /amount. D. /not /approve /the /establishment /or /accept /the /continued /operation /of /shell /banks. /- /verified /answer(s)- ✔✔ d The /Egmont /Training /Group /published /FIUs /in /Action: / 100 /Sanitized /Cases. /Which /two /of /the
/items /noted /below /were /listed /in /the /report /as /part /of /the /six /most /frequent /indicators /of /money /laundering? A. /Defensive /stance /to /questioning B. /Use /of /precious /stones /for /moving /value C. /Unrealistic /wealth /compared /to /client /profile D. /Significant /use /of /prepaid /cards /- /verified /answer(s)- ✔✔ a /& /c In /which /stage /of /money /laundering /would /you /classify /depositing /small /amounts /of /cash /into /several related /accounts? A. /Integration B. /Structuring C. /Placement D. /Construction /- /verified /answer(s)- ✔✔ c In /which /stage /of /money /laundering /would /you /classify /the /use /of /laundered /funds /to /purchase /high- value /assets /and /luxury /items? A. /Integration B. /Structuring C. /Placement D. /Construction /- /verified /answer(s)- ✔✔ a In /most /money /laundering /international /standards, /it /is /stated /that
C. /
A
/customer /owns /a /large /supermarket /and /deposits /large /amounts /of /cash /several /times /a /day. D. / A /customer's /account /is /showing /transaction /activities /that /are /beyond /his /known /financial /capability. /- /verified /answer(s)- ✔✔ c As /part /of /their /role /in /fighting /money /laundering, /financial /institutions /should A. /designate /a /compliance /officer. B. /depend /solely /on /the /state's /staff /for /combating /money /laundering. C. /refuse /small /cash /deposits /under /the /reporting /threshold. D. /not /open /accounts /for /people /from /high-risk /jurisdictions. /- /verified /answer(s)- ✔✔ a Over /lunch /with / a /friend /from /the /computer /operations /department, / a /junior /compliance /analyst /learns /that
/there /was / a /problem /during /the /previous /week /related /to /data /being /transmitted /to /the /transaction monitoring /application. /The /friend /states /that /because /it /was /purely / a /technical /computer /system /issue, /he /was /quietly /proud /that /he /was /able /to /rectify /it /quickly /himself /during /the /early /hours /of /the /morning. /What /action /should /the /analyst /take? A. /Congratulate /his /friend /on /his /prompt /action. B. /Congratulate /his /friend /and, /as /soon /as /possible, /ensure /that /the /compliance /officer /is /aware /of /the /situation. C. /Nothing /because /the /appropriate /controls /are /in /place /for /such /events.
