Which two steps should a financial institution take when it receives a law enforcement request to keep an account open that may be associated with suspicious or criminal activity? (Choose two.)

• A.Maintain account records for at least five years after the request expires
• B.Ask for a written request from the law enforcement agency that defines the duration
• C.Stop filing suspicious transaction reports because law enforcement will be monitoring the account
• D.File a suspicious transaction report on the account owner(s)

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What can a compliance officer do in the absence of automated software to conduct U.S. Department of the Treasury Office of Foreign Assets Control (OFAC) sanction screens?

• A.Use the consolidated Sanctions List Search screen on the OFAC website
• B.Obtain up-to-date copies of the OFAC's Specially Designated Nationals list
• C.Conduct a key-word search on the Internet
• D.Rely on a credit report from OFAC

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What is operational risk?

• A.The potential for lawsuits, fines, and penalties increasing an organization's expenses
• B.The potential for loss resulting from too much credit or loan exposure to one borrower
• C.The potential for loss of public confidence in an organization's integrity
• D.The potential for loss due to inadequate processes, people, systems, or external events

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An anti-money laundering specialist working at a bank just received a legal request from a law enforcement agency mandating the release of all financial transaction records relating to an account at the bank. The specialist immediately recognizes the account as one owned by the bank Chief Executive Officer's brother.
During research to gather the requested documents, the specialist finds several internal memos he had sent to the bank president with concerns regarding possible suspicious activity relating to this account. The specialist recalls the bank president verbally responded to each memo with an explanation of the activity and indicated there was no cause for concern. What should the specialist do with respect to these internal memos?

• A.Call the law enforcement agent and suggest he modify the legal request to include these memos
• B.Advise the bank's senior legal advisor of the situation
• C.Ask the bank president to document his instructions to the specialist
• D.Place these memos in his personal files in case they are subsequently requested

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What describes the Black Market Peso Exchange money laundering method?

• A.The best known money laundering method used by known terrorists
• B.An undercover technique to identify politically exposed persons who may assist money launderers
• C.A method primarily used by narcotics traffickers to transfer value back to the source country
• D.A method used to smuggle dollars or pesos across that border from the U.S. to Mexico, and vice versa

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