What kind of person should perform the independent testing of an institution's anti-money laundering program?

• A.A person who reports directly to the Board of Directors or a Board Committee
• B.A retired government regulator or federal law enforcement officer
• C.A former anti-money laundering officer from a similar institution
• D.A certified specialist in the anti-money laundering field

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The law enforcement agency (LEA) of a foreign jurisdiction contacts a financial institution (Fl) regarding one of the Fl's clients. The LEA advises that the client is currently wanted for prosecution as a result of a series of human trafficking charges. What should the Fl do? (Select Two.)

• A.Review the client's activity, determine if suspicious activity exists, and report accordingly.
• B.Advise the LEA that the government needs to be contacted for extradition.
• C.Comply immediately with the foreign jurisdiction and turn over all client information.
• D.Inform local LEA and regulator of the request for awareness.
• E.Close the clients accounts immediately to avoid any undue risk.

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During a law enforcement investigative interview regarding potential money laundering, the suspect starts making assertions and statements that the investigator believes are false.
How should the investigator respond?

• A.Direct the interview in another direction until there is better rapport before returning back to the troubling question
• B.Ask question of a material nature about the suspected false statements without revealing the suspected deception
• C.Advise the suspect that the interview will be terminated if there is suspicion of deception
• D.Inform the suspect that deception is obvious and continue the interview

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The bank's Compliance Officer is tasked with designing standards based on Basel's KYC principles. Which essential elements should be included in the program? (Choose two.)

• A.Appointing an independent audit function
• B.Conducting a money laundering risk assessment
• C.Documenting a customer acceptance policy
• D.Establishing on-going monitoring of high-risk accounts
• E.Reporting suspicious activity

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An organization's automated surveillance system identifies large fluctuations in customer activity. As a result of an audit, the compliance officer is informed that the system is not generating alerts when activity is consistently abnormal over a long period of time. Currently the organization is evaluating new alert scenarios in an attempt to address this problem.
Which type of scenario is helpful in mitigating this weakness?

• A.Peer
• B.Below-the-line
• C.Mapping
• D.Income

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