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

1. A. Performing enhanced due diligence on shell banks
2. B. Performing due diligence on correspondent accounts
3. C. Visiting the head office of the international financial institution
4. D. Complying with Special Measures issued under the USA PATRIOT Act

Correct Answer: AD

Findings from a regulatory examination report states that the job descriptions of personnel outside of the compliance department do not include references to anti-money laundering responsibilities. Which action should the firm take?

1. A. Update all job descriptions to include anti-money laundering responsibilities
2. B. Respond that only compliance personnel have anti-money laundering responsibilities
3. C. Send an email to all staff stating that personnel must observe the anti-money laundering policy
4. D. Reply that a description of anti-money laundering responsibilities is included in the annual training

Correct Answer: D

What is an example of the integration stage of money laundering involving a bank or another deposit- taking institution?

1. A. Depositing illicit funds into an account set up for a front company
2. B. Directing third parties to exchange illicit cash for negotiable instruments
3. C. Wiring illicit funds from an account at one bank to an account at another bank
4. D. Using illicit funds that had previously been deposited to purchase a luxury vehicle

Correct Answer: D

A bank operates in multiple countries and offers a variety of products and services. The compliance officer recently joined the bank and wants to better understand the inherent level of anti-money laundering risk across the entire organization. Which two factors should be considered? (Choose two.)

1. A. The Transaction Monitoring program
2. B. The Customer Due Diligence program
3. C. Countries that the bank operates in
4. D. Products and services offered by the bank

Correct Answer: AB

Which three methods are commonly used by an accountant to launder money? (Choose three.)

1. A. Representing a client court
2. B. Understanding income to take a tax loss
3. C. Overstating income to hide excess cash
4. D. Acting as a conduit for transferring cash between accounts
5. E. Acting as a designee for someone who wishes to hide their identity

Correct Answer: CDE