How should a financial institution respond to a verbal request from a law enforcement agency to keep an account open to assist in an investigation?

• A.Request a subpoena to maintain the account
• B.Request a search warrant from the local court
• C.Agree to keep the account open
• D.Request a letter on the agency's letterhead

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What does the Basel Committee's Customer Due Diligence for Banks paper suggest that a bank needs to have in place when establishing an account for a corporate business entity?

• A.A process to ensure that the approval of senior management is obtained prior to opening the account
• B.An understanding of the structure of the company
• C.A policy requiring all identified beneficial owners to undergo a national police check
• D.A fee structure that reflects the banks' costs in monitoring the risks associated with entity's business activities

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What are some useful tools or methods in conducting an internal AML investigation? Choose 3 answers

• A.Exploring leads through internet searches
• B.Reviewing documents, particularly of relevant accounts
• C.Subpoenaing the owners of the relevant accounts
• D.Interviewing knowledgeable employees of the institution

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When should new business products to evaluated for AML concerns?

• A.On an annual basis
• B.After they have been implemented so there is empirical data to review
• C.Before they are launched into the market
• D.At the time of the next enterprise risk assessment

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What are some red flags financial institutions should be aware of when trying to verify the identity of a customer? Choose 3 answers

• A.Customer having unusual documents from a foreign country
• B.Customer being new to the community
• C.Customer not having a connected phone
• D.Customer having no permanent address

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