The compliance officer for a bank is reviewing on-boarding documents for a new business account for a domestic corporation. The officer is unable to verify the identity of the beneficial owners of the company. Only information on the nominee owners was provided, and none of the listed addresses are local. The purpose of the business and future expected activity was disclosed to include cash letters, money orders and international remittance transfers.Which red flag identifies a heightened money laundering risk?
Answer(s): B
Law enforcement submitted a request to a bank for information regarding one of its customers. How should the bank respond according to Financial Action Task Force Guidance?
Answer(s): C
How should a financial institution respond to a verbal request from a law enforcement agency to keep an account open to assist in an investigation?
http://files.acams.org/pdfs/English_Study_Guide/Chapter_5.pdf (12)
A bank operates in multiple countries and offers a variety of products and services. The compliance officer recently joined the bank and wants to better understand the inherent level of anti-money laundering risk across the entire organization.Which two factors should be considered? (Choose two.)
Answer(s): A,B
A bank is preparing for its anti-money laundering independent review, which is performed every two years under the direction of the compliance officer. The bank’s corporate audit department will conduct the review. The compliance officer will review the final report before it is released to the Board of Directors.What is the issue with this situation?
Answer(s): A
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