A new accounts representative recently opened an account for individual whose stated employment is tutoring students.
Which customer action indicates possible money laundering?

• A.Transferring all funds to another bank on the same day of large cash deposits
• B.Opening a savings account and makes frequent transfers from the checking account
• C.Continually making weekly small cash deposits
• D.Periodically initiating wire transfers to another account owned by a relative

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A bank is preparing for its anti-money laundering independent review, which is performed every two years under the direction of the compliance officer. The bank's corporate audit department will conduct the review. The compliance officer will review the final report before it is released to the Board of Directors.
What is the issue with this situation?

• A.The final report must be presented directly to the board of directors
• B.Independent reviews must be performed annually
• C.There is a conflict of interest with the management of the review process
• D.The review must be performed by a group outside of the bank

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Once a financial institution has reported suspicious transactions on a valued customer, it should cooperate with competent authorities by

• A.Hinting to the customer that she should come in and explain her behavior.
• B.Submitting information upon receiving a legal request from parties involved in a civil lawsuit.
• C.Providing the supporting documentation to competent authorities upon request.
• D.Maintaining adequate written documentation of all individuals and transactions reported.

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The marketing department presents a business plan targeting individuals holding important public positions.
What are some steps the financial institution should implement as part of the plan to target such individuals?

• A.Investigate the source of funds
• B.Determine the purpose of the account
• C.Determine if the client appears on the Basel Committee on Banking Supervision's list of public officials
• D.Take all reasonable steps to check the background of the individual based on public information

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Which three are principles found in the document "Principles of information Exchange between Financial Intelligence Units (FIUs)"?

• A.The exchange of information between FIUs should take place as informally and as rapidly as possible and with no prerequisites, while guaranteeing protection of privacy and confidentiality of the shared data
• B.Differences in the definition of offenses that fall under the competence of FIUs should be before free exchange of information takes place
• C.The Egmont principle of free exchange of information at the FIU level should be possible on the basis of reciprocity, including spontaneous exchange
• D.It should be possible for communication between FIUs to take place directly and without intermediaries

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