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NEW QUESTION # 33
In the Customer Identification Program (CIP) What are the basic information required to identify a legal person is? (SELECT 3)
- A. Address, including legal and place of business.
- B. Legal Name.
- C. Source of Funds.
- D. Identification number issued by government.
- E. Source of Wealth.
Answer: A,B,D
NEW QUESTION # 34
What of the following countries are considered Tax Havens? (SELECT 2)
- A. United States Virgin Islands.
- B. British Virgin Islands.
- C. Cayman Islands.
- D. Barbados.
Answer: B,C
NEW QUESTION # 35
If an organization suspects that a customer is laundering money, or committing other types of financial crime, it has a duty to report it to the authorities? (TRUE OR FALSE)
- A. False
- B. True.
Answer: B
NEW QUESTION # 36
A hospitality worker brings deposits items that appear to be made from a cash intensive business. Is this a red flag?
- A. It depends on the location, business, and feeling of the employee accepting the deposit.
- B. No, the customer profile for the hospitality worker fits their occupation.
- C. Yes, anyone who brings that type of currency is likely involved to have received it from illegal means.
Answer: B
NEW QUESTION # 37
What is the Primary Money Laundering Regulation in the United Kingdom?
- A. UK AML Sanctions Regime
- B. The Money Laundering and Terrorist Financing (Amendment) Regulation 2019
- C. Proceeds of Terrorism Act
- D. Proceeds of Crime Act
Answer: B
NEW QUESTION # 38
Why can Trusts pose a higher risk from a financial crime perspective?
- A. There is no major risk from a financial crime perspective? they are legitimate business instrument and that's why they are legal all around the world including in the United States, and Europe.
- B. They are in a physical paper form and ownership is controlled by the person who possesses the physical paper in hand.
- C. The trustee can use a trust in order to commit financial crime.
- D. They can be used to mask the true owner and actual business purpose.
Answer: D
NEW QUESTION # 39
Who will review KYC files to determine whether you are complying with your jurisdiction's laws and regulations
- A. Compliance
- B. Regulators
- C. Law Enforcement
- D. The KYC Analyst
Answer: B
NEW QUESTION # 40
Data must be secure so that it cannot be hacked, stolen, or misused for other purposes?
- A. False
- B. Depends on the specifics.
- C. True
Answer: C
NEW QUESTION # 41
Although you might find all the information you gathered throughout your research to be interesting, should include only relevant information in your final report?
- A. Depends on the discretion of the analyst.
- B. Yes.
- C. No
Answer: B
NEW QUESTION # 42
What is legal risk? (SELECT 2)
- A. A warning from a regulator.
- B. An employee who commits a crime unrelated to the organization.
- C. An organization breaks laws when doing business.
- D. An employee who commits a crime unrelated to the organization.
Answer: B,C
NEW QUESTION # 43
A person disclosing to any other person, information or any other matter, which is likely to prejudice a money laundering investigation is known to be?
- A. Ripping off
- B. Dripping off
- C. Tipping off
- D. Dipping off
Answer: C
NEW QUESTION # 44
The following are some attributes of reliable sources to use in the EDD process. (SELECT 2)
- A. Internal and external consistency.
- B. later publication date.
- C. Industry-recognized.
- D. Reputable and biased.
Answer: A,C
NEW QUESTION # 45
Which documents rates countries based on their money laundering controls and corruption? (SELECT 2)
- A. US State Department's annual International Narcotics Control Strategy Report
- B. Transparency International's Corruption Perceptions Index
- C. Financial Action Task Forces red flags related to jurisdiction risk
- D. United Nations report on Money Laundering Controls
- E. Transparency International's Corruption Perceptions Index
Answer: A,B
NEW QUESTION # 46
For AML purposes, most jurisdictions require that beneficial ownership be collected at a threshold of (SELECT 2)
- A. 20%
- B. 15%
- C. 25%
- D. 10% sometimes for high risk customers
Answer: C,D
NEW QUESTION # 47
Under a risk based approach is a PEP risk manageable If a customer discloses during the KYC, or Know Your Customer process?
- A. No, PEPS are do not fit within the risk tolerance of an organization.
- B. No, PEPs do not need to disclose their status, it is up to the financial institution to find that information out and determine the risk.
- C. Yes, He or she is the spouse of a government official, closely related to the government official
- D. Yes, PEPS need bank accounts and access to financial investment products like everyone else.
Answer: C
NEW QUESTION # 48
The five components of the internal control framework are the overall control environment are risk assessment, control activities, communication, regulations, quality assurance?
- A. Yes.
- B. No.
Answer: B
NEW QUESTION # 49
What is the First Line of Defense? (FLOD)
- A. The ________ line of defense is internal audit. They perform an independent review of the controls applied by the lines of defense.
- B. The _______ line of defense is the compliance and internal control functions. That includes the chief money laundering reporting officer, or MLRO, in charge of managing and monitoring AML and CFT activities.
- C. The _______ line of defense is also known as the front line, these customer-facing employees are best-equipped to get the information you need for your customer due diligence. Can include Operations, risk, and control teams.
Answer: C
NEW QUESTION # 50
What Boolean operator words can be used in for searching in EDD? (SELECT 2)
- A. AND.
- B. PLUS.
- C. OR.
- D. EQUAL.
Answer: A,C
NEW QUESTION # 51
If a customer is a PEP and they are using private wealth services from banks, and also appear to have obtained a fair amount of wealth is this a red flag?
- A. No.
- B. Depends on the exact circumstances.
- C. Yes.
Answer: C
NEW QUESTION # 52
What is an example of secondary identification in a customers CIP program? (SELECT 3)
- A. Identification from securities and exchange commission. (SEC)
- B. Identification from another financial institution.
- C. Identification from a utility company.
- D. Identification from a registry of secretary of state.
- E. Identification from a college.
Answer: B,C,E
NEW QUESTION # 53
The minimum level of Customer Due Diligence that is required when opening a new account includes the following? (SELECT 4)
What type of locations is the account going to be transacting with. (Correct)
Why this account is being opened? (Correct)
What type of people does the customer associate with?
- A. What sorts of transactions you should anticipate?
- B. The frequency and expected amounts of those transactions?
Answer: A
NEW QUESTION # 54
What is the purpose of having controls to Know Your Customer, also known as KYC?
- A. Manage the financial crime risk to your customer.
- B. Manage the compliance risk of your customer.
- C. Manage the financial crime risk to your organization.
- D. Manage the compliance risk of your organization.
Answer: C
NEW QUESTION # 55
When is comes to Enhanced Due Diligence (EDD) regulators require you to do a perfect job on the client.
- A. FALSE.
- B. TRUE.
Answer: A
NEW QUESTION # 56
What is the Primary legislation for Money Laundering in the United States?
- A. Anti-Drug Abuse Act of 1988
- B. Money Laundering and Financial Crimes Strategy Act (1998)
- C. Bank Secrecy Act (1970)
- D. Money Laundering Control Act of 1986
- E. Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act)
Answer: C
NEW QUESTION # 57
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