Findings from a regulatory examination report states that the job descriptions of personnel outside of the compliance department do not include references to anti-money laundering responsibilities.Which action should the firm take?
Answer(s): D
What must be materially true regarding transactions for United States (U.S.) sanctions laws to have jurisdiction?
Answer(s): B
https://www.treasury.gov/resource-center/faqs/Sanctions/Documents/faq_all.html
How does the Financial Action Task Force (FATF) communicate its findings regarding jurisdictions with strategic anti-money laundering / Counter Financing of Terrorism deficiencies?
A recent anti-money laundering audit revealed several regulatory reporting violations and lapses with the organization’s anti-money laundering policy. As a result, the compliance officer has created a follow-up matrix to document progress in correcting the identified deficiencies.To whom should the compliance officer provide regular updates of corrective action to help ensure the appropriate oversight?
A corporate services provider in a European Union (EU) country has a prospect from an African country who deals in oil and gas. The prospect intends to develop an oil terminal in his home country with a $75 million dollar loan secured by a third party, which is a trust formed in a Caribbean island with a holding company based in a European secrecy haven. A young lady is presented as an ultimate beneficial owner who has gained her wealth through a fitness studio in her home country.What are two red flags that could indicate money laundering or financing terrorism? (Choose two.)
Answer(s): B,D
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