Which information must a United States financial institution retain for having foreign correspondent accounts as part of the USA PATRIOT Act record keeping requirements?

• A.Records identifying the owners of each foreign bank
• B.Section 314(b) information sharing results related to foreign correspondent accounts
• C.Purchase of monetary instruments of $3,000 or more involving foreign correspondent accounts
• D.A suspicious activity report filed and the supporting documentation involving foreign correspondent accounts

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Which assessments are involved in the processes of mutual evaluation and follow-up by the FATF?

• A.Risk assessments and technical standards assessments
• B.Technical compliance assessments and effectiveness assessment
• C.Sanction risk assessments and the country's National Risk Assessment
• D.Country audit assessments and transaction monitoring assessments

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Which payment method for purchasing luxury items is a red flag for potential money laundering?

• A.Personal loan
• B.Cash
• C.Wire transfer
• D.Credit card

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Money laundering can cause which consequences for a financial institution? (Select Two.)

• A.Increases in corporate taxes
• B.Increases in investigation costs and fines
• C.Reduction in number of employees
• D.Reduction or loss of profitable business
• E.Increases in correspondent banking facilities

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On who does the ultimate responsibility for an institution's anti-money laundering program rest?

• A.The institution's Board of Directors
• B.The government regulator examining the AML program
• C.All employees with customer contact
• D.The designated AML Compliance Officer

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