NO.364 Under requirements for correspondent accounts in the USA PATRIOT Act, the word “certification” refers to a written representation by a

NO.365 An institution has made the decision to exit a client relationship due to anti-money laundering concerns. Prior to starting the close out process, the institution receives a written request from a law enforcement agency to keep the account open. The client is the subject of an ongoing investigation and law enforcement wants the institution to continue to monitor the account and report any suspicious activity.
What is primary consideration the institution should keep in mind when deciding whether to agree to this request?

NO.366 Which element is generally required of all anti-money laundering programs?

NO.367 What should countries do to help prevent non-profit organizations from being abused for the financing of terrorism according to the Financial Action Task Force 40 Recommendations?

NO.368 Once a financial institution has reported suspicious transactions on a valued customer, it should cooperate with competent authorities by

NO.369 A bank maintains a number of United States (U.S.) dollar correspondent accounts for foreign financial institutions. Upon a routine review of a U.S. dollar correspondent account owned by Foreign Bank A, a number of transactions appear to have been originated by Foreign Bank B outside the expected activity for this account. These transactions appear suspicious and a suspicious transaction report was filed by the compliance officer.
Which step should the compliance officer take?

NO.370 A director of a financial institution was convicted of laundering money as part of a Ponzi scheme and terminated. As a result of an internal investigation evidence proved that an employee assisted in the illegal activity.
Which action should the institution take?

NO.371 A large cash deposit most likely reflects money laundering when it is:
1. from a customer who has never conducted a transaction in cash before.
2. transacted in segments smaller than the reporting thresholds at various times during the day.
3. followed by an immediate wire transfer to an offshore secrecy haven.
4. by a customer who operates a cash-based business.

NO.372 Which two statements are true regarding the European Union Money Laundering Directives? (Choose two.)

NO.373 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 were disclosed to include cash letters, money orders and international remittance transfers.
Which red flag identifies a heightened money laundering risk?

NO.374 You plan to design a solution for an AI implementation that uses data from IoT devices.
You need to recommend a data storage solution for the IoT devices that meets the following requirements:
* Allow data to be queried in real-time as it streams into the solution.
* Provide the lowest amount of latency for loading data into the solution.
What should you include in the recommendation?

NO.375 A bank has maintained an account for a European charity for several years. The charity provides clothing to persons in need in various countries with active terrorists’ cells.
Which action by the charity indicates possible terrorist financing?

NO.376 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?

NO.377 Which factor should a financial institution (FI) consider prior to sharing customer records within the same jurisdiction?

NO.378 A banker in the credit department wants to assess the risk of all customers, and contacts the compliance officer to request a list of customers with suspicious transaction report filings.
What should be done to protect suspicious transaction report information?

NO.379 A precious metals dealer opens a new account with a bank. Which requires a referral to AML Investigations for further review?

NO.380 A bank in an offshore jurisdiction approaches an institution about opening a new correspondent banking relationship. Prior to opening the account, the new account representative obtains copies of the offshore bank’s anti-money laundering policies and procedures, and all appropriate legal documentation for the bank; ascertains no third parties will be able to access the accounts; and determines the owners of the bank, the bank’s primary business activities, and the business address of the bank. Which of the following steps does the Basel Committee on Banking Supervision’s Customer Due Diligence for Banks Paper recommend the banker take prior to opening Oils correspondent account?
1. Conduct a site visit and meet all the principals and beneficial owners in person.
2. Verify the bank has a physical presence in the country where it is incorporated.
3. Confirm the bank is subject to regulatory supervision with adequate anti-money laundering laws.
4. Obtain and maintain a complete listing of the correspondent bank’s customers, including politically exposed persons.

NO.381 What are two legal risks of having inadequate privacy policies and procedures? (Choose two.)

NO.382 When an institution files an STR with regard to a particular account, what steps should the institution take via account?

NO.383 Which is a FATF characteristic used to assess a country’s effectiveness of its AML regime?