A compliance officer is looking to update an institution's private bank procedures. What should be included as recommended by the Wolfsberg AML Principles on Private Banking?

• A.Review of client files annually if there are unusual transactions
• B.Approval of Politically Exposed Persons (PEPs) by at least one person other than the relationship manager
• C.Dedicated automated AML monitoring of client activity
• D.The institution's senior management has primary responsibility for the relationship

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FATF recommends the incorporation of some measures in customer due diligence (CDD) programs including:

• A.conducting ongoing due diligence on the business relationship and monitoring of transactions.
• B.identifying the number of beneficial owners without the verification of their true identity.
• C.identifying the products and services and their suitability to customers.
• D.conducting the risk assessment of products and services.

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In which situation can money laundering adversely affect a country's currencies and interest rates due to launderers investing dirty funds?

• A.They invest in a way to hide funds rather than get a high rate of return
• B.They invest in shell companies in secrecy havens that intentionally manipulate rates
• C.They invest in high risk ventures with high rates of return
• D.They invest in legitimate companies as a way of making their funds appear to be legitimate

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Which three do the Office of Foreign Asset Control regulations cover? Choose 3 answers

• A.All U.S.-domiciled entities and their foreign branches
• B.All foreign-based entities that have U.S. customers
• C.All U.S. citizens
• D.All persons and entities within the U.S.

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A foreign politically exposed person (PEP) requests to add a beneficiary to a file insurance policy.
How should the request be processed to mitigate risk?

• A.Determine the source of wealth and source of funds
• B.Decline the request to add a beneficiary due to increased risk
• C.Decline the request if the beneficiary is a foreign PEP
• D.Perform due diligence on the beneficiary

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