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| Section | Objectives |
|---|---|
| Topic 1: AML Compliance Framework | - Regulatory obligations and enforcement expectations - Internal controls and governance - AML compliance program structure |
| Topic 2: Customer Due Diligence (CDD) and KYC | - Customer identification and verification - Beneficial ownership and PEP screening - Enhanced due diligence for high-risk customers |
| Topic 3: Transaction Monitoring and Reporting | - Suspicious activity detection and monitoring systems - Case management and investigation processes - Suspicious Activity Reports (SAR) / STR filing |
| Topic 4: Financial Crime Typologies and Risk | - Risk assessment methodologies - Common money laundering typologies across industries - Sanctions and embargo compliance |
| Topic 5: AML and CTF Fundamentals | - Money laundering and terrorist financing concepts - Stages and typologies of money laundering - International AML/CTF standards and FATF recommendations |
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NEW QUESTION # 765
Bank A is a non-United States (U.S.) bank that has $5 million in a correspondent account at a bank in New York City. The Worldwide Terrorist Syndicate (WTS) has $1 million in its account at a non-US branch of Bank A.
The U.S. government has initiated forfeiture action against the WTS.
Which potential action can the U.S. take under the USA PATRIOT ACT pursuant to the issuance seizure warrant?
Answer: A
NEW QUESTION # 766
A new accounts representative recently opened an account for individual whose stated employment is tutoring students. Which customer action indicates possible money laundering?
Answer: A
NEW QUESTION # 767
A foreign bank operating under an offshore license wants to open a correspondent account with a United States (U.S.) bank. The foreign bank plans to provide payable through account services to some of its customers.
What must the foreign bank provide to the U.S. bank under the USA PATRIOT Act?
Answer: B
NEW QUESTION # 768
AFinancial Intelligence Unit (FIU)in a countryhas received a SARinvolving significantsuspicious fund transfers, not only within its jurisdiction but also in aforeign country. Furtherinformation is requiredfrom the foreign country to determine whether the matter needs to be referred for prosecution locally.
Which of the following statements istruein this scenario?
Answer: D
Explanation:
International cooperation is essentialinAML investigations, and theEgmont GroupfacilitatesFIU-to-FIU information sharing.
* Option D (Correct):Egmont Group memberscan request and share information forAML/CFT investigations.
* Option A (Incorrect):Sovereigntydoes not preventcooperationunder proper agreements.
* Option B (Incorrect):AML laws allowdata sharing under legal frameworkslikeMutual Legal Assistance Treaties (MLATs).
* Option C (Incorrect):Information sharing isrestricted to FIUs and authorized agencies, notall organizations.
Reference:FATF Recommendation 40 (International Cooperation), Egmont Group FIU Guidelines, Mutual Legal Assistance Treaties (MLATs).
NEW QUESTION # 769
Which two steps should a financial institution take when it receives a law enforcement request to keep an account open that may be associated with suspicious or criminal activity? (Choose two.)
Answer: B,C
Explanation:
According to the Anti-Money Laundering Specialist (the 6th edition) study guide, when a financial institution receives a law enforcement request to keep an account open that may be associated with suspicious or criminal activity, it should take the following two steps:
* Maintain account records for at least five years after the request expires. This is to ensure that the financial institution can provide evidence of its compliance with the law enforcement request and the applicable anti-money laundering regulations. The five-year retention period isbased on the international standard set by the Financial Action Task Force (FATF) and adopted by many jurisdictions12.
* Ask for a written request from the law enforcement agency that defines the duration. This is to protect the financial institution from potential liability and to clarify the scope and purpose of the law enforcement request. The written request should specify the time period for which the account should remain open, the reason for the request, the contact information of the law enforcement officer, and the legal authority for the request34.
:
Anti-Money Laundering Specialist (the 6th edition) study guide, page 57 FATF Recommendation 11, paragraph 2 Anti-Money Laundering Specialist (the 6th edition) study guide, page 58 Money Laundering website, article on "Law Enforcement Requests to Keep Accounts Open"
https://www.fincen.gov/resources/statutes-regulations/guidance/requests-law-enforcement-financial- institutions-maintain
NEW QUESTION # 770
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