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Some new sample questions:
Question:
What is the first step that an investigator should take when beginning a financial investigation into a potential suspicious activity?
A. Contacting the country’s financial intelligence unit (FIU) officers to seek advice on whether the potential suspicious activity is indeed suspicious.
B. Determining whether the potential suspicious activity is consistent with the customer’s transactional behavior, nature of business, and occupation.
C. Gathering and assessing internal sources of information, including information obtained from the customer, transactions, and value and volume.
D. Identifying and reviewing external information, including online presence, customer-related entities, and relevant media.
Question:
Which of the following are included in the 11 Immediate Outcomes outlined in the Financial Action Task Force (FATF) methodology for assessing technical compliance with the FATF Recommendations and the effectiveness of AML/CFT/CPF systems during mutual evaluations? (Select Three.)
A. International cooperation provides actionable information to use against criminals.
B. Supervisors regulate financial institutions and non-bank financial institutions and their risk-based AML/CFT programs.
C. Financial intelligence information is collected by authorities and shared with the FATF for further investigation.
D. Those convicted of money laundering offenses are denied access to basic banking services.
E. Money laundering offenses are investigated and criminally prosecuted.
Question:
The EU’s 6th Anti-Money Laundering Directive (6AMLD):
A. Extended AML oversight to crowdfunding platforms and professional football clubs.
B. Eliminated the requirement for the European Commission to conduct a risk assessment.
C. Created a central EU watchdog to combat money laundering.
D. Strengthened provisions relating to the accuracy of data submitted to central beneficial ownership registries.
Question:
An agent of a wealthy individual from a high-risk country (as per the EU’s high-risk jurisdictions list) approaches a notary in an EU country to dispose of assets recently acquired at an auction through an offshore company. The agent holds power of attorney from a law firm in another EU country. The transfer price is significantly lower than the auction price, but the agent refuses to explain the discrepancy.
Which red flags should the notary consider? (Select Two.)
A. The agent acted on behalf of an individual residing in a high-risk jurisdiction.
B. The power of attorney was issued by a law firm in a different EU country from where the transaction took place.
C. The assets acquired through an auction were put in the name of an offshore company.
D. The agent requested a disposal of assets at a lower price than recently acquired.
…….
Some new questions:
Question:
Suspicious activity triggered a suspicious transaction report filing on a company that holds an account at a large commercial bank. Investigations revealed that a member of the bank’s Board of Directors is the major shareholder of the company. Further review revealed the bank had no reasonable explanation for the activity, but could not confirm if criminal activity occurred. Which of the following is the next best course of action for the compliance officer?
A. Include a detailed presentation of this case in the Board report.
B. Prevent the suspicious transaction report from government filing.
C. Ask the Board member to explain the transaction.
D. Maintain standard summary statistical reporting to the Board.
Question:
Which of the following are the most suspicious transaction indicators related to casino activities?
1. A client requests a winnings check (cheque) in a third party’s name.
2. Acquaintances bet against each other in even-money games and it appears they are intentionally losing to one of the parties.
3. A new client who is a large volume player asks the casino operator about the ability to transfer the funds to other locations in the same country.
4. A client requests the transfer of winnings to the bank account of a third party in a country without an effective anti-money laundering regime.
A. 1, 2, and 3 only
B. 1, 2, and 4 only
C. 1, 3, and 4 only
D. 2, 3, and 4 only
Question:
According to the Financial Action Task Force Special Recommendations on Terrorist Financing, which of the following should an anti-money laundering specialist do if the specialist has reasonable grounds to suspect funds are linked or related to terrorist acts?
A. Conduct a full due diligence review of the client.
B. Inform the institution’s managing Board.
C. Contact the institution’s legal advisor.
D. Promptly report to the competent authority.
Question:
An anti-money laundering specialist has just developed and implemented an anti-money laundering program. Which of the following is the best resource to evaluate the effectiveness of the program?
A. the regulatory authorities
B. a member of senior management
C. the anti-money laundering specialist
D. a qualified independent party/auditor
Question:
A client has retained a lawyer to create a financial holding company. The lawyer resides in Europe. The client provides all requested documentation to the lawyer. However, the lawyer becomes suspicious that the customer is engaged in criminal activity and intends to use the financial holding company for money laundering purposes. Which of the following should an anti-money laundering specialist recommend according to the European Union Money Laundering Directives?
A. There is no need to file a suspicious transaction report, as this activity is covered by attor-ney-client privilege.
B. Freeze the client’s assets so that all records can be turned over to the competent authori-ties.
C. Report the activity as suspicious to the competent authority because the lawyer is covered by these directives.
D. Consult with the competent authority to receive advice on how to handle the transaction.
…..