the correct answer id C and D
The main purpose of the US Treasury Department for OFAC's extraterritorial reach is to:
A
Explanation:
Reference:
https://www.natlawreview.com/article/aggressive-extraterritorial-reach-us-economic-
sanctions-foreign-company-exposure-to
The bank's Compliance Officer is tasked with designing standards based on Basel's KYC principles.
Which essential elements should be included in the program? (Choose two.)
C, E
Explanation:
Reference:
https://www.bis.org/publ/bcbs77.pdf
the correct answer id C and D
Yes! I had the same response too, but it says here the correct answer is C & E !
C. Documenting a customer acceptance policy
E. Reporting suspicious activity
Documenting a customer acceptance policy and establishing on-going monitoring of high-risk accounts.
The correct answer is C and D.
It absolutely is C and D
A. Appointing an independent audit function
C. Documenting a customer acceptance policy
D. Establishing on-going monitoring of high-risk accounts
C. Documenting a customer acceptance policy
D. Establishing on-going monitoring of high-risk accounts
B. Conducting a money laundering risk assessment
E. Reporting suspicious activity
B. Conducting a money laundering risk assessment
D. Establishing on-going monitoring of high-risk accounts
B. Réaliser une évaluation des risques de blanchiment de capitaux.
D. Établir une surveillance continue des comptes à haut risque.
D. D. Réalisation d’une évaluation des risques de blanchiment d’argent
D. Mise en place d’une surveillance continue des comptes à haut risque
B. Réaliser une évaluation des risques de blanchiment de capitaux
C. Documenter une politique d'acceptation du client
C. Documenting a customer acceptance policy
D. Establishing on-going monitoring of high-risk accounts
It will be both C and D.
C. Documenting a customer acceptance policy
D. Establishing on-going monitoring of high-risk accounts
The correct answers C, E
A SAR/STR should be filed when the accountable institution identifies that:
C
Explanation:
Reference:
https://www.fdic.gov/regulations/examinations/supervisory/insights/siwin07/article03_connecting.
html
The answer is B and C.
B implies that there are multiple transactions avoiding the threshold which would be a reason to file a STR
C. an alert is generated by a transaction monitoring system.
B. cash transactions have values which avoid reporting thresholds.
B.
B. cash transactions have values which avoid reporting thresholds.
B. cash transactions have values which avoid reporting thresholds.
cash transactions have values which avoid reporting thresholds & an alert is generated by a transaction monitoring system.
B. cash transactions have values which avoid reporting thresholds.
B. les transactions en espèces ont des valeurs qui évitent les seuils de déclaration.
D. D. Les transactions en espèces ont des valeurs qui évitent les seuils de déclaration.
C. une alerte est générée par un système de surveillance des transactions.
B. cash transactions have values which avoid reporting thresholds
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B implies the activity related to Structuring which would be a reason to file a STR
cash transactions have values which avoid reporting thresholds.
B. cash transactions have values which avoid reporting thresholds
B. cash transactions have values which avoid reporting thresholds.
An analyst reviewing trade finance transactions notices an increase in price of 25% over 12 months
for commodities with the same specification and quantity. Which action should the analyst take?
B
Product a SAR/STR that describes apparent trade-based money laundering and submit to the FIU.
C. Produce an updated due diligence record for the client so that monitoring can be enhanced.
C.Produce an updated due diligence record for the client so that monitoring can be enhanced.
D. Produce a SAR/STR that describes apparent trade-based money laundering and submit to the Financial Investigation Unit (FIU).
B. Produce an investigation report that considers client activity and factors that may have legitimately affected transaction cost.
B. Produire un rapport d'enquête qui prend en compte l'activité du client et les facteurs qui peuvent avoir légitimement affecté le coût de transaction.
D. D. Produire un rapport d’enquête qui tient compte de l’activité du client et des facteurs qui peuvent avoir légitimement eu une incidence sur le coût de la transaction.
B. Produire un rapport d'enquête qui prend en compte l'activité du client et les facteurs qui peuvent avoir légitimement affecté le coût de transaction.
Produce an updated due diligence record for the client so that monitoring can be enhanced.
C. Produce an updated due diligence record for the client so that monitoring can be enhanced.
Which key factor would result in the decision for a financial institution (FI) to exit a client
relationship?
A
After assessing all risk factors the level of residual client risk exceeds the FI's risk appetite.
B. The client is a registered charity known to remit funds to high risk geographies where there is limited due diligence information available
A. After assessing all risk factors the level of residual client risk exceeds the FI's risk appetite.
A. After assessing all risk factors the level of residual client risk exceeds the FI's risk appetite.
B. Le client est un organisme de bienfaisance enregistré connu pour envoyer des fonds vers des zones géographiques à haut risque où les informations disponibles en matière de diligence raisonnable sont limitées.
Un. Après avoir évalué tous les facteurs de risque, le niveau de risque résiduel du client dépasse l’appétit pour le risque de l’institution financière.
A. Après avoir évalué tous les facteurs de risque, le niveau de risque résiduel du client dépasse l'appétit pour le risque de l'IF.
After assessing all risk factors the level of residual client risk exceeds the FI's risk appetite.
After assessing all risk factors the level of residual client risk exceeds the FI's risk appetite.
Financial institutions (FIs) perform AML risk assessments to ensure:
D
Explanation:
Reference:
https://www.wolfsberg-
principles.com/sites/default/files/wb/pdfs/faqs/17.%20Wolfsberg-Risk-Assessment-FAQs-2015.pdf
proper controls surrounding higher-risk products, services, customers, and geographic locations.
B. The client is a registered charity known to remit funds to high risk geographies where there is limited due diligence information available
D. proper controls surrounding higher-risk products, services, customers, and geographic locations.
D. proper controls surrounding higher-risk products, services, customers, and geographic locations.
D. des contrôles appropriés concernant les produits, services, clients et emplacements géographiques à plus haut risque.
D. des contrôles appropriés concernant les produits, les services, les clients et les emplacements géographiques à haut risque.
D. des contrôles appropriés concernant les produits, services, clients et emplacements géographiques à plus haut risque.
proper controls surrounding higher-risk products, services, customers, and geographic locations
D.proper controls surrounding higher-risk products, services, customers, and geographic locations.
What national agency is responsible for analyzing and assessing the information it receives to
substantiate possible existence of money laundering or terrorist financing activities?
B
Explanation:
Reference:
https://www.fatf-
gafi.org/media/fatf/content/images/National_ML_TF_Risk_Assessment.pdf
FIU is a national agency receive and analyze the data
FATF is a national agency??
The correct answer is A! this mock exams is so misleading!
The Financial Intelligence Unit (FIU)
A. The Financial Intelligence Unit (FIU)
A. The Financial Intelligence Unit (FIU)
A. La Cellule de Renseignement Financier (CRF)
Un. La Cellule de renseignement financier (CRF)
B. GAFI...
A. The Financial Intelligence Unit (FIU)
The Financial Intelligence Unit (FIU)
When performing a risk assessment, which factors should be considered when identifying and
measuring risk? (Choose two.)
A, D
A C
Customer composition and Product offerings
A. Customer composition
C. Product offerings
B. Performance financière
D. Environnement réglementaire
C. Offres de produits
D. Environnement réglementaire
A. Customer composition
C. Product offerings
Which are common types of economic sanctions? (Choose three.)
A, C, F
Explanation:
Reference:
https://www.cfr.org/backgrounder/what-are-economic-sanctions
Targeted sanctions, sectoral sanctions, SWIFT network sanctions.
D. Sectoral sanctions
E. Supervisory sanctions
F. Comprehensive sanction
A, and D, and F
A, C, D answers
D. Sanctions sectorielles
Un. Sanctions ciblées
C. Sanctions contre le réseau SWIFT
F. Sanction globale
A. Targeted sanctions
B. Technological sanctions
D. Sectoral sanctions
Which private banking situation requires due diligence actions to be implemented according to the
AML principles of the Wolfsberg group?
C
A wealthy individual from a high-risk country wants to open an account with a private bank.
C. A wealthy individual from a high-risk country wants to open an account with a private bank.
C is my answer
B. Un bénéficiaire effectif d’une maison de change souhaite ouvrir un compte auprès de la banque.
C. Un riche particulier originaire d’un pays à haut risque souhaite ouvrir un compte auprès d’une banque privée.
D. Un nouveau client demande à créer un bureau de change en utilisant la banque comme correspondant.
C. A wealthy individual from a high-risk country wants to open an account with a private bank.
Which assessments are involved in the processes of mutual evaluation and follow-up by the FATF?
B
Explanation:
Reference:
https://www.fatf-gafi.org/publications/mutualevaluations/more/more-about-mutual-evaluations.html?hf=10&b=0&s=desc(fatf_releasedate)
Technical compliance assessments and effectiveness assessment
B. Technical compliance assessments and effectiveness assessment
C is my answer
C. Évaluations des risques de sanctions et évaluation nationale des risques du pays
C. Sanction risk assessments and the country's National Risk Assessment
According to the Basel Committee on Banking Supervision, banks should deal with high-risk
customers by:
C
Explanation:
Reference:
https://www.bis.org/bcbs/basel3.htm
performing enhanced due diligence including enhanced ongoing monitoring of the account activity.
C. performing enhanced due diligence including enhanced ongoing monitoring of the account activity.
C is my answer
C. effectuer une diligence raisonnable renforcée, y compris une surveillance continue renforcée de l'activité du compte.
C. performing enhanced due diligence including enhanced ongoing monitoring of the account activity.
Which situations would require a financial institution (FI) to update its ML/TF risk assessment?
(Choose two.)
D, E
Explanation:
Reference:
https://www.fatf-
gafi.org/media/fatf/content/images/National_ML_TF_Risk_Assessment.pdf
When new products, services or customer types are introduced, and when the institution faces a merger or acquisition
A. When new products, services or customer types are introduced
D. When the institution faces a merger or acquisition
A and D are my answers
A. Lorsque de nouveaux produits, services ou types de clients sont introduits
A. Lorsque de nouveaux produits, services ou types de clients sont introduits.
D. Lorsque l'établissement est confronté à une fusion ou une acquisition.
A and D are my answers
Based on studies executed by the Organization for Economic Cooperation and Development (OECD),
which occupations are particularly vulnerable to the use of false identities and identity theft?
A
Government officers
D. Laborers
D is my answer
D. Ouvriers
Which methods are typically used to launder money using insurance companies? (Choose two.)
A, D
The policy holder purchases a bond and redeems it at a discount prior to its full term. The policy holder overpays the policy and moves the funds out of the policy despite paying early withdrawal penalties.
A. The policy holder overpays the policy and moves the funds out of the policy despite paying early withdrawal penalties.
D. The policy holder uses an offshore company to pay the insurance installments.
D is my answer
A. Le preneur d’assurance paye en trop la police et retire les fonds de la police malgré le paiement de pénalités de retrait anticipé.
C. Le preneur d'assurance achète une obligation et la rachète à rabais avant son échéance complète.
A. accomplish the foreign policy and national security goals of the US.
Accomplish the foreign policy and national security goals of the US.
A accomplish the foreign policy and national security goals of the US.
A. accomplish the foreign policy and national security goals of the US
A. accomplish the foreign policy and national security goals of the US
A. accomplish the foreign policy and national security goals of the US.
A. accomplish the foreign policy and national security goals of the US.
A. accomplish the foreign policy and national security goals of the US.
D. align OFAC's and other countries' extraterritorial reach requirements.
A.accomplish the
A. accomplish the foreign policy and national security goals of the US.
Acomplish the foreign
A. accomplish the foreign policy and national security goals of the US
A. accomplish the foreign policy and national security goals of the US.
D. align OFAC's and other countries' extraterritorial reach requirements
accomplish the foreign policy and national security goals of the US.
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D. aligner les exigences de portée extraterritoriale de l'OFAC et d'autres pays.
D. align OFAC's and other countries' extraterritorial reach requirements.
D. aligner les exigences de l’OFAC et d’autres pays en matière de portée extraterritoriale.
A. atteindre les objectifs de politique étrangère et de sécurité nationale des États-Unis.
A. accomplish the foreign policy and national security goals of the US.
accomplish the foreign policy and national security goals of the US.
. accomplish the foreign policy and national security goals of the US.
A. accomplish the foreign policy and national security goals of the US.
Defend the US against
A. accomplish the foreign policy and national security goals of the US.