How should the branch manager respond to this activity?

Correct Answer for the Question – How should the branch manager respond to this activity? is given below The branch manager notices that a number of customers come in weekly and always use the same teller to process their deposits. The manager notices that the customers and the teller, who are from the same ethnic group, … Read more

What must the foreign bank provide to the U.S. bank under the USA PATRIOT Act?

Correct Answer for the Question – What must the foreign bank provide to the U.S. bank under the USA PATRIOT Act? is given below 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 … Read more

How should the institution respond?

Correct Answer for the Question – How should the institution respond? is given below In reviewing recent activity, a compliance officer for a money transmitter that several customers are each remitting the same amount of money but much more frequently.How should the institution respond? File a suspicious transaction report Instruct the tellers not to process remittances … Read more

Which action should the board of directors take?

Correct Answer for the Question – Which action should the board of directors take? is given below A financial institution receives a regulatory enforcement action because of deficiencies in its anti-money laundering program.Which action should the board of directors take? Terminate the compliance officer and staff Purchase and install a new suspicious activity monitoring system Hire … Read more

Which course of action should the compliance officer take?

Correct Answer for the Question – Which course of action should the compliance officer take? is given below A compliance officer identifies a potentially significant risk in a popular financial product. Further investigation reveals there is no mitigating control.Which course of action should the compliance officer take? Launch a long-term project to remediate the control deficiency … Read more

Which activity warrants further review?

Correct Answer for the Question – Which activity warrants further review? is given below A bank receives an anonymous tip from an employee about another employee through its confidential hotline.Which activity warrants further review? A mortgage officer works with home loan applicants to resolve adverse credit issues An employee in bookkeeping accepts funds transfer requests from … Read more

What are two requirements of United States financial institutions when conducting business with an international institution as a result of the USA PATRIOT Act?

Correct Answer for the Question – What are two requirements of United States financial institutions when conducting business with an international institution as a result of the USA PATRIOT Act? is given below What are two requirements of United States financial institutions when conducting business with an international institution as a result of the USA PATRIOT … Read more

Which two transaction types warrant investigation?

Correct Answer for the Question – Which two transaction types warrant investigation? is given below In the summer, an institution identifies anti-money laundering concerns regarding a customer’s account activity. The customer, an ice cream, has deposited a lot of checks drawn on banks in foreign countries, sent large number of high dollar international wires to different … Read more

Which red flag identifies a heightened money laundering risk?

Correct Answer for the Question – Which red flag identifies a heightened money laundering risk? is given below The compliance officer for a bank is reviewing on-boarding documents for a new business account for a domestic corporation. The officer is unable to verify the identity of the beneficial owners of the company. Only information on the … Read more

Which supporting documentation might the law enforcement agency request from the institution to facilitate its investigation?

Correct Answer for the Question – Which supporting documentation might the law enforcement agency request from the institution to facilitate its investigation? is given below A law enforcement agency is reviewing a suspicious transaction report (STR) filed by a financial institution for suspicious activity on a client’s account.Subsequently, the agency requests further information.Which supporting documentation might … Read more