OFAC-issued regulations apply to which entities? (Choose two.)

• A.Foreign import-export companies
• B.US branches of a foreign bank
• C.Foreign subsidiaries of US banks
• D.Foreign banks with US customers
• E.Intermediaries transacting with US banks

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What should an institution in their AML policies and procedures?

• A.A description of money laundering trends and methodologies
• B.Names of individuals currently on the OFAC list
• C.Copies of the institutions testing and monitoring results
• D.A component on when and how employees will be trained

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When providing reporting of STRs to the board, which of the following should be provided?

• A.A numerical summary of all the STRs and a summary of key STRs, including PEPs, key employees
• B.A numerical summary of all the STRs
• C.A summary of all key STRs, including PEPs and key employees
• D.All the STRs filed with the national FIU

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How should a financial institution deter money laundering through new accounts? Choose 3 answers

• A.Determine the beneficial owner(s) of the account
• B.Seek to determine the source of deposited funds
• C.Document the identity of the party opening the account
• D.Query owner's names against FATF database

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What are the attributes of "Cuckoo Smurfing" the money laundering term FATF added in 2005?

• A.It involves commercial transactions deliberately routed through retail organization's bank accounts
• B.It involves the use of multiple individuals for making cash deposits, buying monetary instruments or bank drafts in amounts that are under reportable limit
• C.It involves the process of sending multiple wires abroad to money laundering havens and having the funds returned in smuggled bulk cash
• D.It is linked to alternative remittance systems in which criminal funds are transferred through the accounts of unwitting persons expecting genuine funds from abroad

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