The Wolfsberg Anti-Money Laundering Principles for Private Banking require new clients to be approved by whom?

• A.Only the private banker
• B.The private banker's supervisor
• C.At least one person other than the private banker
• D.The board of directors

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What does designing a country as being of "prime money laundering concern" allow the U.S. government to do?

• A.Ensure the inclusion of that country onto FATF's Non-Cooperative Country and Territory list
• B.Obtain transactional information from U.S.-owned subsidiary banks located outside the U.S.
• C.Ensure the inclusion of that country into the office of Foreign Asset Control country sanctions programs
• D.Close some or all correspondent or payable-through accounts

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Why do organized crime groups often use front companies? (Choose two).

• A.Because they can use the company's bank accounts to comingle deposits with those of legal businesses.
• B.Because using multiple front companies can make it easier to control an entire sector of the economy.
• C.Because they are generally subject to lighter due diligence requirements by banks and other financial services providers.
• D.Because they are not registered, front companies are not subject to income and other sales taxes.
• E.Because front companies generally charge higher prices than legitimate companies, so profit margins are higher.

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Which of the following best describes the Basel Committee on Banking Supervision's principles on customer due diligence?

• A.A recommendation to members and banks.
• B.Generally accepted terms issued by big international banks.
• C.A country's initiative to increase the reputation of its financial market.
• D.Multilateral agreement between all members.

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What was cited by the Wolfsberg Group in its Statement on the Suppression of the Financing of Terrorism as being vulnerable to terrorist financing?

• A.Trade finance
• B.Alternative remittance
• C.Private banking
• D.Correspondent banking

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