AML 2
1) The Basel Committee's paper on "Customer Due Diligence for Banks" specifies that the four key elements of a KYC program are: 1. Customer identification 2. Risk mitigation 3. Employee training 4. Geographic diversification
A. False
1) There are ten FATF-style regional bodies (FSRBs) that have similar form and functions to those of FATF.
A. False
1) The Financial Action Task Force (FATF) is best known for what?
A. Issuing AML/CTF recommendations for countries to follow
OFAC STATEMENTS
A. Restriction of travel by US citizens to certain countries based on sanctions lists that OFAC issues periodically.
A. Issuing AML/CTF recommendations for countries to follow
A. True
1) FATF fulfills its stated objectives by monitoring implementation of the FATF Recommendations among its members through _______________________ and _____________.
A. compliance assessment; effectiveness assessment
1) What are three suggestions articulated by FATF?
ALL BUT THE SHORTEST ONE A. That is appropriate to have good customer due diligence procedures B. That it is appropriate to require suspicious activity reporting C. That it is appropriate to criminalize money laundering and the financing of terrorism.
1) Section 311 of the Act provides for the potential designation of what three kinds of "primary money laundering concern"?
All but PEP
1) The European Union's First EU Directive focused primarily on what issue?
C.) Drug Trafficking
1) Which of the following statements is TRUE?
Egmont group
1) The United Nations' Palermo Convention expanded on the Vienna Convention by doing what three things?
Expanding coverage to include issues
1) The Basel Committee has observed that without due diligence, banks can be subject to social, operational, legal and economic risks.
False
1) The Fourth EU Directive decreed that customer due diligence was to be applied for transfers of funds exceeding EUR 10,000.
False
1) The Wolfsberg Group was formed to provide a forum for financial intelligence units around the world to improve cooperation in the fight against money laundering and financing of terrorism.
False
Wolfsberg group promoting....
False
1) The FATF 40 Recommendations are organized into seven Groups. All of the following are valid FATF 40 Group names, EXCEPT:
International cooperation
1) The Office of Foreign Assets Control (OFAC) is allowed to impose sanctions against certain foreign countries.
True
1) The Annex IV General Guide to Account Opening Consultative Document published in February 2016 by the Basel Committee lists information that should be obtained for the identification of legal persons. Which three items are recommended?
all but a report
fincen advisory
all but information
fourth eu directive
all but it repeats the definition
1) Which three of the following statements are true in respect to the Fourth EU Anti-Money Laundering Directive?
all but memebr countries
customer due diligence
all but prohibition
3 aspecvts of ofac sanctions
all but restricitng travel
1) In 2014, the Wolfsberg Group published its Anti-Money Laundering Principles for Correspondent Banking. Which three of the following elements are recommended to be included in the due diligence of a correspondent banking client?
all but resume of compliance officer
fatf style bodies
all but writing 40 recommendations
egmont trading group
defensive structures and unrealistsice wealth
basel committee
employee training
Fourth European Union Money Laundering Directive
increasing threshold
in most ml standards
institution
fatf countries should
not aspprove
eu directives legal professional
participating
ctaft 19 recommendations
requiring money laundering offenses
USA patriot act
section 313
40 recommendations
true
eurpoean directives law
true
fatf responsible
true
imf and world bank
true
section 311 of patriot act
true
wolfsberg group papers
true
33
usa patriot act
13 global banks association
wolfsberg group
usa patriot act international impact
yes
