A comprehensive set of risk-based guidelines for maintaining business relationships is being developed. Which situation indicates that the institution should terminate the relationship with a client?
Answer(s): D
http://www.fatf-gafi.org/media/fatf/documents/reports/Risk-Based-Approach-Banking-Sector.pdf
At a small community bank, the compliance officer identifies unusual activity on a customer, who with his personal and company accounts, is the bank’s largest depositor. The customer’s companies have significant balances on their outstanding loans. The compliance officer notices that there is a lot of unusual movements of money between the customer’s individual and business accounts. After filing a suspicious transaction report (STR), the compliance officer gets a call from law enforcement indicating that they want the bank to keep the account open while they conduct an investigation into the customer.How should the compliance officer escalate this information to the board of directors?
Answer(s): B
What does the Egmont Group’s support for its members include?
https://egmontgroup.org/en/content/membership
Which statement identifies one of the duties of a government Financial Intelligence Unit?
http://fiu.gov.dm/about-us/functions-and-responsibilities
A new accounts representative recently opened an account for individual whose stated employment is tutoring students. Which customer action indicates possible money laundering?
Answer(s): C
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