A suspicious transaction report has been filed on an account owned by the wife of the bank's Chief Executive Officer. Which of the following is the most important consideration when deciding whether to recommend closing the account?

• A.Chief Executive's reputational risk
• B.Requests from the competent authority
• C.Customer relations
• D.The institution's anti-money laundering policy

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The Board of Directors for a small private bank has asked the management to no longer apply the identity requirements for high net worth individuals to protect their privacy. Which of the following Financial Action Task =once 40 Recommendations should cause an anti-money laundering specialist the most concern?

• A.Financial institutions should not keep anonymous accounts.
• B.If financial institutions suspect that funds stem from criminal activity, they should be required to close the account.
• C.Financial institutions should maintain all necessary suspicious transaction report records on transactions, both domestic are international, for at least 5 years.
• D.Financial institutions should not warn their customers when information relating to them is being reported to the competent authorities.

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The local manager of a remote mortgage origination department of a financial institution has just discovered that sanctions screening of new customers is not being performed.
Which action should the local manager take in this situation?

• A.Immediately inform senior management
• B.Do nothing because the department only handles a very small number of mortgages
• C.Start screening new customers
• D.Immediately inform the regulators

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When using virtual assets such as Bitcoin to finance terrorism, which tactic may be used to ensure that the virtual assets are not easily seized by law enforcement?

• A.Using self-hosted wallets to create many different donation addresses that are updated continuously
• B.Posting donation addresses that are linked to accounts at centralized virtual asset service providers
• C.Using the same donation address across multiple donation campaigns and media types
• D.Forming relationships with virtual asset service providers that have strong KYC processes in place to avoid suspicion

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What are two aspects of the Wolfsberg Anti-Money Laundering (AML) Principles for Correspondent Banking? (Choose two.)

• A.At least one person, aside from the person sponsoring the relationship, should approve the correspondent relationship.
• B.Correspondent banking is an inherently high risk business and all correspondent bank relationships should be reviewed on an annual basis.
• C.Factors such as politically exposed person involvement and downstream (nested) correspondents increase the risk inherent in a correspondent relationship.
• D.An Institution may assign a low risk rating to a correspondent bank located in a jurisdiction deemed to have an adequate AML environment (e.g., Financial Action Task Force member country) without needing to consider other factors

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