Q196. In May 2002, the Wolfsberg Principles on Private Banking were revised and included a section that prohibits the use of internal non-client accounts in a manner that would prevent officials from appropriate monitoring movements of funds or keep clients from being linked to the movement of funds on their behalf.
What is another name for these internal, non-client accounts?

Q197. Upon filing a suspicious transaction report, which of the following elements should be the highest anti-money laundering priority in making the decision to keep the account open?

Q198. What are the European Union Directives on Money Laundering?

Q199. Since its last regulatory examination, a financial institution has aggressively grown by adding profitable new products and services. The institution has not historically received regulatory criticism regarding its anti-money laundering compliance program.
However, a recent regulatory examination cited significant deficiencies in the anti-money laundering program that were attributed primarily to the lack of oversight by the institution’s leadership in implementing adequate controls over the new products and services.
Which area of international control should leadership first address to correct the weaknesses in the program?

Q200. You plan to deploy an AI solution that tracks the behavior of 10 custom mobile apps. Each mobile app has several thousand users.
You need to recommend a solution for real-time data ingestion for the data originating from the mobile app users.
Which Microsoft Azure service should you include in the recommendation?

Q201. Which key factor would result in the decision for a financial institution (FI) to exit a client relationship?

Q202. A bank compliance officer has implemented enhanced monitoring rules that have identified some unusual activity that may be indicative of human trafficking.
Which red flag should prompt additional transactional review?

Q203. What does designing a country as being of “prime money laundering concern” allow the U.S. government to do?

Q204. 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.)

Q205. What should an effective anti-money laundering training program include?

Q206. What are some red flags financial institutions should be aware of when trying to verify the identity of a customer? Choose 3 answers

Q207. A bank located in Arizona is considering a loan application for a new client. The collateral for the loan is a property in Florida.
The loan will be in the name of a limited liability company (LLC) whose ownership is not disclosed to the bank.
The LLC was established by a New York-based attorney.
The loan will be repaid by the LLC in monthly wire transfers of $9,000 which is more than the required monthly payment.
Which aspect indicates the potential for money laundering?

Q208. Which three measures are contained in Financial Action Task Force 40 Recommendations for reporting suspicious activity? (Choose three.)

Q209. What should an institution in their AML policies and procedures?

Q210. In order to protect investigative materials from disclosure when conducting an internal Investigation of any employee of a financial institution, legal counsel of that financial should ____________?