What was the topic the Wolfsburg Group's first guidance addressed?

• A.AML training for financial institution staff
• B.Enhanced due diligence for high risk customers
• C.Merchant acquiring activities
• D.Private banking

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Which is a red flag for funds transfers?

• A.Funds transfers are received in numerous small quantities from entities that are in related industries.
• B.Funds transfers are to a higher-risk geographic location with a known supplier within the same industry as the originator.
• C.Funds transfers are repetitive and within expected patterns.
• D.Funds transfers are repeatedly sent to the same beneficiary out of line with the business purpose.

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An anti-money laundering specialist at a financial institution has received a legal request to provide all transaction records for a specific individual since 2004. Which of the following item s should be delivered?

• A.Monthly statements and transaction activities for that individual since 2004.
• B.All wire transfers for that individual since 2004.
• C.Signature cards from accounts opened by that individual since 2004.
• D.All security trading activities for that individual since 2004.

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Which statements regarding the USA PATRIOT ACT best describe key aspects that have extraterritorial reach? (Choose three.)

• A.It allows foreign banks to voluntarily designate a registered agent in the US to accept service of subpoenas.
• B.It obliges the government to trace the origin of the funds when a seizure of assets occurs in a correspondent account that has been opened and maintained for a foreign bank in the US.
• C.It allows federal banking supervisors to require records of the identity of the owners of a foreign bank from a Fl operating in the US.
• D.It allows for the US Attorney General to subpoena records from a foreign bank with US correspondent accounts, including those that are located outside the US.
• E.It excludes as foreign FIs businesses that would be considered broker-dealers, money transmitters, and currency exchangers.
• F.It allows the Secretary of the Treasury to order a US financial institution (FI) to close a correspondent account when a subpoena has not been responded by a foreign bank in a timely manner.

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Which red flag indicates high potential for money laundering in a real estate purchase?

• A.The purchaser had a previous bankruptcy
• B.The purchaser owns a cash intensive business
• C.The purchaser is not a resident where the property is located
• D.The purchaser is a nominee

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