A bank provides trade financing for a company whose primary export is steel.
Which action by the company indicates possible money laundering?

• A.The company often deals with foreign currency exchanges.
• B.The company frequently transfers funds to other bank accounts located in other jurisdictions.
• C.The company regularly understates the value of goods exported.
• D.The company frequently sells above or below its competitors' price.

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In general, what is an element that a financial institution or business does not have to specifically address in an anti-money laundering program?

• A.A system of internal policies, procedures and controls
• B.A description of its OFAC program to address government watch list screening
• C.An ongoing employee training program
• D.A designated compliance officer with day-to-day oversight over the AML program

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A recent anti-money laundering audit revealed several regulatory reporting violations and lapses with the organization's anti-money laundering policy. As a result, the compliance officer has created a follow-up matrix to document progress in correcting the identified deficiencies.
To whom should the compliance officer provide regular updates of corrective action to help ensure the appropriate oversight?

• A.Designated board committee
• B.Human Resources
• C.Audit management
• D.Business line managers

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Which two factors should increase the risk of a correspondent bank customer and require additional due diligence according to the Wolfsberg Anti-Money Laundering Principles for Correspondent Banking? (Choose two.)

• A.The customer is located in a non-Financial Action Task Force member country and services mostly commercial customers who engage in international trade.
• B.The customer is located in a Financial Action Task Force member country and the bank's head of information security is a politically exposed person.
• C.The customer is located in a Financial Action Task Force member country and provides services primarily to a local individual customer.
• D.The customer is located in a Financial Action Task Force member country and provides services to other correspondent banks in neighboring countries.

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FATF recommends the incorporation of some measures in customer due diligence (CDD) programs including:

• A.conducting the risk assessment of products and services.
• B.conducting ongoing due diligence on the business relationship and monitoring of transactions.
• C.identifying the products and services and their suitability to customers.
• D.identifying the number of beneficial owners without the verification of their true identity.

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