A periodic review of the account of a small household goods business reveals multiple shipments of goods to a country classified by the bank as high risk. They were transshipped through another country prior to the final destination. In the past three months, volumes over 25, 000 units. The business has been a customer of a bank for 10 years.Records show previous shipments to destinations primarily in Europe involving quantities of 5, 000 units or less. Recent shipments are listed as being received by the same company as the earlier shipments and payments are being received from the same originator, but the unit price of the goods is three times higher than before.Which two red flags indicate potential trade-based money laundering? (Choose two.)
Answer(s): C,D
Which three definitions of money laundering are included in the expanded definition of the European Union Fourth Directive? (Choose three.)
Answer(s): B,C,E
https://books.google.com.pk/books?id=CMixCwAAQBAJ&pg=PA344&lpg=PA344&dq=european+4th+directive+Concealing+or+disguising+the+nature, +source, +location, +disposition, +movement, +rights+with+respect+to, +or+ownership+of+property, +knowing+that+the+property+is+derived+from+criminal+activity&source=bl&ots=nOUQRszJ6_&sig=ACfU3U1NigFiOY5Zkj30B9FlPI1UhyUMEg&hl=en&sa=X&ved=2ahUKEwibgbi9op3oAhVPfH0KHV0wBXoQ6AEwAHoECBIQAQ#v=onepage&q=european%204th%20directive%20Concealing%20or%20disguising%20the%20nature%2C%20source%2C%20location%2C%20disposition%2C%20movement%2C%20rights%20with%20respect%20to%2C%20or%20ownership%20of%20property%2C%20knowing%20that%20the%20property%20is%20derived%20from%20criminal%20activity&f=false
An incoming urgent international wire transfer in U.S. dollars has been identified by the sanctions screening team. The transaction is a large rounded amount and the name of the beneficiary is “North Korean Cigars Company” with an address in an industrial zone in Tianjin, China.Which action should the sanctions team take?
Answer(s): C
What does the Financial Action Task Force (FATF) urge its members and all other jurisdictions to do when a jurisdiction is identified as having lax anti-money laundering / counter financing of terrorism controls?
Answer(s): A
https://www.fatf-gafi.org/publications/high-risk-and-other-monitored-jurisdictions/documents/public-statement-october-2019.html
What might limit a compliance officer’s ability to respond to a foreign law enforcement official’s request to provide information with regard to an anti-money laundering investigation?
Answer(s): B
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