Which of the following is among the Financial Action Task Force criteria defining non-cooperative countries and territories?

• A.the presence of bank secrecy provisions reasonably balanced against the government's need for information
• B.inadequate rules for the licensing and creation of financial institutions, including assessing backgrounds of managers and beneficial owners
• C.the establishment of a system for reporting "unusual" transactions, instead of "suspicious", as mentioned in the Financial Action Task force 40 Recommendations
• D.effective laws regarding multiple sources of beneficial owner identification by a financial institution

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According to the FATF Special Recommendation VII, cross-border wire transfers over 1,000 EUR/USD should be accompanied by what information?

• A.Customer Due Diligence information
• B.The AML standards that apply to the transfer
• C.The purpose of the transfer
• D.The originator's account number

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According to the Financial Action Task Force 40 Recommendations, Designated Non-Financial Businesses and Professionals include which entities?

• A.Commodities traders
• B.Money services businesses
• C.Hawala operators
• D.Real estate agents

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A corporate services provider in a European Union (EU) country has a prospect from an African country who deals in oil and gas. The prospect intends to develop an oil terminal in his home country with a $75 million dollar loan secured by a third party, which is a trust formed in a Caribbean island with a holding company based in a European secrecy haven. A young lady is presented as an ultimate beneficial owner who has gained her wealth through a fitness studio in her home country.
What are two red flags that could indicate money laundering or financing terrorism? (Choose two.)

• A.The ultimate beneficial owner is young lady who has gained her wealth through a small business
• B.The prospect wishes to have a corporate structure with a holding company in EU country
• C.A loan worth $75 million with a third-party guarantor
• D.The guarantor company's ownership structure is overly complex

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After an institution files an STR with regard to a particular account, a law enforcement agent requests the institution to keep the account open until advised otherwise by law enforcement.
What steps should the institution take?

• A.The institution should follow the request of the law enforcement agent and keep the account open
• B.The institution should close the account in order not to be caught in the middle of a law enforcement investigation
• C.The institution should request a written letter From the law enforcement ( agency signed by an appropriate authorized signature
• D.The institution should keep the account open only if doing so comports with the bank's own AML procedures

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