In relationship to life insurance business, the third European Directive states that Member States may allow the identity verification of the beneficiary under the policy after the business relationship has been established, but before which events?

• A.At or before the policy is issued to the beneficiary by the insurance company
• B.At or before the time of payout or before the beneficiary intends to exercise rights vested under the policy
• C.At or before 30 days of the relationship being established under the policy
• D.At or before a premium payment has been accepted for the policy purchased

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The purpose of an anti-money laundering program should be to do what?

• A.Detect all illegal activity perpetrated by customers
• B.Avoid criticism and sanctions from government regulators
• C.Focus monitoring efforts on riskier transactions and customers
• D.Detect and report cash structuring and suspicious wire transactions

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What are two requirements for monitoring and reporting suspicious activity for correspondent banking according to the Wolfsberg Principles? (Choose two.)

• A.Incorporate suspicious activity monitoring into periodic reviews
• B.Incorporate due diligence results such as customer risk ratings
• C.Utilize downstream correspondents to investigate and report suspicious activity
• D.Investigate and report suspicious activity only for the correspondent bank's clients

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Which product is considered to be of highest money laundering risk?

• A.Savings accounts
• B.International wire transfers
• C.Time deposit accounts
• D.Credit cards

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What are three indicators of money laundering associated with using electronic funds transfers? Choose 3 answers

• A.Funds transfers to or from a financial secrecy haven without an apparent business reason
• B.Payment or receipts with no apparent link to legitimate contracts, goods or services
• C.Funds transfers are received or sent from the same person to or from different accounts
• D.Regular and frequent transfers from the account of a large company said to be payment for goods bought on credit

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