What must the foreign bank provide to the U.S. bank under the USA PATRIOT Act?

Correct Answer for the Question – What must the foreign bank provide to the U.S. bank under the USA PATRIOT Act? is given below A foreign bank operating under an offshore license wants to open a correspondent account with a United States (U.S.) bank. The foreign bank plans to provide payable through account services to some … Read more

How should the institution respond?

Correct Answer for the Question – How should the institution respond? is given below In reviewing recent activity, a compliance officer for a money transmitter that several customers are each remitting the same amount of money but much more frequently.How should the institution respond? File a suspicious transaction report Instruct the tellers not to process remittances … Read more

Which course of action should the compliance officer take?

Correct Answer for the Question – Which course of action should the compliance officer take? is given below A compliance officer identifies a potentially significant risk in a popular financial product. Further investigation reveals there is no mitigating control.Which course of action should the compliance officer take? Launch a long-term project to remediate the control deficiency … Read more

What are two requirements of United States financial institutions when conducting business with an international institution as a result of the USA PATRIOT Act?

Correct Answer for the Question – What are two requirements of United States financial institutions when conducting business with an international institution as a result of the USA PATRIOT Act? is given below What are two requirements of United States financial institutions when conducting business with an international institution as a result of the USA PATRIOT … Read more

Which two transaction types warrant investigation?

Correct Answer for the Question – Which two transaction types warrant investigation? is given below In the summer, an institution identifies anti-money laundering concerns regarding a customer’s account activity. The customer, an ice cream, has deposited a lot of checks drawn on banks in foreign countries, sent large number of high dollar international wires to different … Read more

Which statement about a multinational institution’s ability to fully investigate unusual activity in all its foreign operations is correct?

Correct Answer for the Question – Which statement about a multinational institution’s ability to fully investigate unusual activity in all its foreign operations is correct? is given below Which statement about a multinational institution’s ability to fully investigate unusual activity in all its foreign operations is correct? Local privacy and data protection laws may prevent an … Read more

Which two steps should be taken to trace funds through the bank to assist law enforcement in their investigation?

Correct Answer for the Question – Which two steps should be taken to trace funds through the bank to assist law enforcement in their investigation? is given below A United States (U.S.) bank was recently alerted by law enforcement of an increase in sale of large denomination U.S. bank notes to casas de cambio. They suspect … Read more

Which two mechanisms should be implemented to assist with cross-border money laundering investigations?

Correct Answer for the Question – Which two mechanisms should be implemented to assist with cross-border money laundering investigations? is given below Which two mechanisms should be implemented to assist with cross-border money laundering investigations? (Choose two.) Countries should request Interpol to provide the required information. Countries should ensure that information received is protected from unauthorized … Read more

Which customer action indicates potential money laundering?

Correct Answer for the Question – Which customer action indicates potential money laundering? is given below A bank maintains a relationship with a customer who owns a small bakery business.Which customer action indicates potential money laundering? The customer continually makes regular cash deposits The customer has multiple bank accounts at several locations The customer purchased property … Read more

What is the suspicious behavior?

Correct Answer for the Question – What is the suspicious behavior? is given below A client is a wholesale auto business that operates as a used car lot. The client regularly ships vehicles internationally. In a four-month period, the client received wires totaling $1,250,000 from a dealer in Benin in West Africa. All wires originated from … Read more