Which red flag should a compliance officer prioritize first for investigation?

• A.Several cross-border transfers are received and immediately wired to another beneficiary.
• B.A loan is paid off in full with cash after the sale of the vehicle that was used as collateral for the loan.
• C.A customer has 20 monthly transactions that are repetitive but less than $500 USD per transaction.
• D.A convenience store cashes government checks for its customers in amounts less than $1,000 USD per day.

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In May 2002, the Wolfsberg Principles on Private Banking were revised and included a section that prohibits the use of internal non-client accounts in a manner that would prevent officials from appropriate monitoring movements of funds or keep clients from being linked to the movement of funds on their behalf.
What is another name for these internal, non-client accounts?

• A.Trust accounts
• B.Correspondent accounts
• C.Concentration accounts
• D.Pay through accounts

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According to the Financial Action Task Force 40 Recommendations, simplified customer due diligence or reduced measures could be acceptable for which of the following types of products or transactions?
1. Life insurance policies where the annual premium is no more than USD/EUR 1,000 or a single premium of no more than USD/EUR 2,500.
2. Insurance policies for pension schemes if there is no surrender clause and the policy cannot be used as collateral.
3. A ptfiisiui i Ll idL pr uviJcfb lelir emei it bei lefils Lu employees.
4. Trusts where the settlor, trustee and beneficiaries are identified and the shares are in bearer form.

• A.1, 3, and 4 only
• B.2, 3, and 4 only
• C.1, 2, and 4 only
• D.1, 2, and 3 only

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What is a primary responsibility of a financial intelligence unit?

• A.Provide expertise to Egmont working groups including the development of new techniques to launder money.
• B.Publish suspicious activity reports so that entities subject to money laundering obligations are aware of the identities of criminals.
• C.Act as an intermediary between the entities subject to money laundering obligations and law enforcement agencies.
• D.Legislate regulations that enhance the effectiveness of AML and sanctions compliance.

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How does the Financial Acton Task Force (FATF) communicate its findings regarding jurisdictions with strategic anti-money laundering / Counter Financing of Terrorism deficiencies?

• A.By issuing four formal documents to the deficient jurisdictions
• B.By issuing documentation to the private sector
• C.By issuing two formal documents three times per year
• D.By issuing informal communication to FATF members

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