A retail bank has just acquired a credit card business. The bank's anti-money laundering policy requires that new employees are trained within 30 days of their hire date and refresher training is delivered to all employees on an annual basis.
Is the bank's existing anti-money laundering training adequate to be delivered to employee of the newly acquired credit card business?

• A.Yes, the existing training covers the anti-money laundering regulations that the bank is required to follow.
• B.No, anti-money laundering training needs to be tailored and focused on the risks specific to the business.
• C.No, anti-money laundering training needs to be delivered face-to-face for credit card businesses.
• D.Yes, the existing training covers the bank's policies, procedures, and processes.

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Which three should real estate agents include in the criteria to assess their company's potential money laundering and terrorist financing risks when implementing a reasonable risk-based approach?

• A.Credit Risk
• B.Customer Risk
• C.Transaction Risk
• D.Geographic Risk

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A prospective client walks into an accounting firm wanting to incorporate a company. The accountant feels uncomfortable after the meeting. Which two of the accountant's observations warrant escalation to the compliance officer? (Select Two.)

• A.The prospective client is unable to provide information about the beneficial owners.
• B.The prospective client is able to provide source of funds and source of wealth documents.
• C.The prospective client presents confusing details about the proposed business and has very little knowledge about the proposed business activity.
• D.The principal activities of the proposed company are importing and exporting new furniture.
• E.The prospective client exhibits confidence when speaking to the accountant when providing personal details.

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A compliance officer learns from an Information Technology (IT) source of a potential new financial service being discussed by the new product approval committee.
What is the correct next course of action?

• A.Get as much information as possible from the source so that potential risks can be researched and a report prepared and presented to the head of marketing.
• B.Request that the new product approval committee include the compliance officer.
• C.Go to the board of directors and try to shut the new service down immediately because the committee did not communicate with the compliance officer.
• D.Start initial research into potential risks but wait until notified that the service has been approved by the committee before initiating extensive research.

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Which test should be included in a bank's Office of Foreign Assets Control sanctions screening audit program?

• A.Reviewing wire transfer screening processes to ensure that potential name hits are investigated promptly
• B.Looking at copies of suspicious activity reports filed with regulators to ensure completeness
• C.Ensuring that all clients with foreign identification are subject to enhanced due diligence
• D.Examining Human Resources processes for conducting criminal background checks on executives

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