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NEW QUESTION 109
When the minimum CDD standards of the home and host countries differ, the offices in the host countries should follow which requirements?
- A. The CDD standards required by the home country
- B. The higher standard of the two
- C. The minimum required
- D. Local rules and regulations
Answer: B
NEW QUESTION 110
A local law enforcement officer, who is conducting a criminal investigation, requests information about a customer.
Which two actions should the bank take? (Choose two.)
- A. Close the account immediately
- B. File a suspicious transaction report
- C. Monitor the account for suspicious activity
- D. Review the money laundering risk posed by the account
Answer: C,D
NEW QUESTION 111
What might limit a compliance officer's ability to respond to a foreign law enforcement official's request to provide information with regard to an anti-money laundering investigation?
- A. Anti-money laundering laws that require the confidential treatment of Suspicious Transaction Reports in the law enforcement official's country
- B. Whether the request has been processed by the foreign law enforcement official's embassy in the compliance officer's country
- C. Privacy and data protection laws in the compliance officer's country
- D. Whether there is a mutual legal assistance treaty between the countries of the compliance officer and the law enforcement official
Answer: D
NEW QUESTION 112
The Wolfsberg Anti-Money Laundering Principles for Private Banking require new clients to be approved by whom?
- A. The private banker's supervisor
- B. The board of directors
- C. Only the private banker
- D. At least one person other than the private banker
Answer: D
Explanation:
Explanation/Reference: https://www.wolfsberg-principles.com/sites/default/files/wb/pdfs/wolfsberg-standards/10.%
20Wolfsberg-Private-Banking-Prinicples-May-2012.pdf (04)
NEW QUESTION 113
What must be materially true regarding transactions for United States (U.S.) sanctions laws to have jurisdiction?
- A. Transactions are stripped of beneficial owner information
- B. Transactions are processed by a U.S. person
- C. Transactions are identified as proceeds of foreign corruption
- D. Transactions are traced to illegal proceeds
Answer: B
NEW QUESTION 114
What is most valuable when using the internet as an investigative source?
- A. A reference list of websites known to yield credible information
- B. A team of AML investigators
- C. A combination of independent thinking and technical skills
- D. A powerful search engine
Answer: A
NEW QUESTION 115
In reviewing recent transaction activity, a compliance officer for a money transmitter notices that several customers are each remitting the same amount of money but much more frequently.
How should the institution respond?
- A. Instruct the tellers not to process remittances for these customers in the future
- B. Immediately contact the customers and ask them why they are remitting money more often
- C. File a suspicious transaction report
- D. Conduct further investigation to determine whether this is truly suspicious activity
Answer: C
NEW QUESTION 116
What are the attributes of "Cuckoo Smurfing" the money laundering term FATF added in 2005?
- A. It involves commercial transactions deliberately routed through retail organization's bank accounts
- B. It involves the process of sending multiple wires abroad to money laundering havens and having the funds returned in smuggled bulk cash
- C. It is linked to alternative remittance systems in which criminal funds are transferred through the accounts of unwitting persons expecting genuine funds from abroad
- D. It involves the use of multiple individuals for making cash deposits, buying monetary instruments or bank drafts in amounts that are under reportable limit
Answer: D
NEW QUESTION 117
A prospective AML officer comes highly recommended by a bank's up-stream correspondent institution of similar size and make-up, located in a different city in the same country. The bank is interested in hiring the individual. What should be the next step taken by the Board of Directors?
- A. Hire the individual, relying on the recommendation of its correspondent
- B. Confer with its regulatory agency to determine whether it is appropriate to hire the person
- C. Do a thorough background check
- D. Hire the individual on a probationary basis so that the institution can determine if the individualis sufficiently experienced and capable
Answer: C
NEW QUESTION 118
The bank for International Settlements provides the secretariat for which organization?
- A. The Egmont Group
- B. The Basel Committee
- C. The Wolfsberg Group
- D. FATF
Answer: B
Explanation:
Reference:http://www.bis.org/bcbs/about.htm(4th para)
NEW QUESTION 119
An anti-money laundering expert is hired by a new Internet bank to assess the money laundering threat to the bank. Because it is an o line bank the most important recommendation for the expert to make is that the bank
- A. set up automated programs to analyze transaction for money laundering activity.
- B. limit the amount which can be processed per transaction.
- C. ensure that a firewall is set up to protect the transactions.
- D. ensure that prospective new customers can be properly identified.
Answer: B
NEW QUESTION 120
After an institution files an STR with regard to a particular account, a law enforcement agent requests the institution to keep the account open until advised otherwise by law enforcement. What steps should the institution take?
- A. The institution should close the account in order not to be caught in the middle of a law enforcement investigation
- B. The institution should request a written letter From the law enforcement ( agency signed by an appropriate authorized signature
- C. The institution should keep the account open only if doing so comports with the bank's own AML procedures
- D. The institution should follow the request of the law enforcement agent and keep the account open
Answer: B
NEW QUESTION 121
You design an AI workflow that combines data from multiple data sources for analysis. The data sources are composed of:
* JSON files uploaded to an Azure Storage account
* On-premises Oracle databases
* Azure SQL databases
Which service should you use to ingest the data?
- A. Azure SQL Data Warehouse
- B. Azure Data Lake Storage
- C. Azure Data Factory
- D. Azure Databricks
Answer: C
Explanation:
Explanation/Reference:
References:
https://docs.microsoft.com/en-us/azure/data-factory/introduction
NEW QUESTION 122
What is a tool governments and multi-national bodies can use to prevent the proliferation of weapons of mass destruction?
- A. Economic Sanctions
- B. Mutual Legal Assistance Treaties
- C. Commission Rogatoire
- D. Account Monitoring Order
Answer: B
NEW QUESTION 123
The USA PATRIOT Act requires United States (U.S.) financial institutions to collect certain information from non-U.S. banks that hold a correspondent account.
Which two pieces of information must a non-U.S. bank provide to its U.S. correspondent to enable them to comply with this requirement? (Choose two.)
- A. The name and address of all beneficial owners who own 25% or more of the bank
- B. The name and address of all shell banks the bank maintains accounts for
- C. The name and address of a U.S. person who is authorized to receive service of legal process for the bank
- D. Prompt notice of any suspicious activity it detects on any customer who uses the correspondent account
Answer: A,D
NEW QUESTION 124
Which statement about U.S. Specified Unlawful Activities (SUA) is true?
- A. In order to secure a conviction, the defendant must be proven to have known the precise natureof the source of funds
- B. SUAs are generally limited to a small sub-set of crimes
- C. SUAs are limited to crimes that occur within the borders of the U.S. and its territories andpossessions
- D. At least one SUA must be proven in order to pursue a money laundering conviction
Answer: A
NEW QUESTION 125
Pursuant to the Third European Union Money Laundering Directive, how long after being out of prominent office should a person NOT be considered to be a Politically Exposed Person (PEP)?
- A. 4 years
- B. 1 year
- C. 2 years
- D. 3 years
Answer: B
NEW QUESTION 126
In the FATF 40 recommendations, the focus of AML efforts has been expanded beyond Financial Institutions.
Which three businesses and/or professions are covered? Choose 3 answers
- A. Casinos, when customers engage in financial transactions equal to or above a designated Threshold
- B. Dealers in art, when they engage in any cash transaction with a customer at or above a designated threshold
- C. Real estate agents when they are involved in transactions for clients concerning buying and selling properties
- D. Trust and company service providers
Answer: A,C,D
NEW QUESTION 127
On who does the ultimate responsibility for an institution's anti-money laundering program rest?
- A. The institution's Board of Directors
- B. All employees with customer contact
- C. The designated AML Compliance Officer
- D. The government regulator examining the AML program
Answer: A
NEW QUESTION 128
A profitable commercial customer who operates an import-export business has multiple accounts with the same institution at branches in different locations. The customer receives funds from a jurisdiction perceived as highly corrupt according to Transparency International ratings. The customer makes frequent transfers among the accounts and prefers to manage the accounts separately. What should the institution do to mitigate the risk associated with these accounts?
- A. Develop a system to monitor all the activity
- B. Diminish the importance of the subjective Transparency International rating
- C. Conduct a trade-pnce manipulation analysis
- D. File a suspicious transaction report
Answer: D
NEW QUESTION 129
Which three do the Office of Foreign Asset Control regulations cover? Choose 3 answers
- A. All foreign-based entities that have U.S. customers
- B. All persons and entities within the U.S.
- C. All U.S.-domiciled entities and their foreign branches
- D. All U.S. citizens
Answer: A,C,D
NEW QUESTION 130
What is the most effective criterion for determining the beneficial ownership of funds?
- A. Having signature authority over the account
- B. Being a person who is the trusted party in a correspondent banking relationship
- C. Having control over such funds or entitlement to such funds
- D. Being the person in whose name an account is opened with a financial institution
Answer: D
NEW QUESTION 131
What does the Financial Action Task Force 40 Recommendations address on transparency of beneficial ownership?
- A. Payable through accounts
- B. Correspondent banking
- C. Gatekeepers
- D. Legal persons and arrangements
Answer: D
NEW QUESTION 132
Note: This question is part of a series of questions that present the same scenario. Each question in the series contains a unique solution that might meet the stated goals. Some question sets might have more than one correct solution, while others might not have a correct solution.
After you answer a question, you will NOT be able to return to it. As a result, these questions will not appear in the review screen.
You have an app named App1 that uses the Face API.
App1 contains several PersonGroup objects.
You discover that a PersonGroup object for an individual named Ben Smith cannot accept additional entries.
The PersonGroup object for Ben Smith contains 10,000 entries.
You need to ensure that additional entries can be added to the PersonGroup object for Ben Smith. The solution must ensure that Ben Smith can be identified by all the entries.
Solution: You modify the custom time interval for the training phase of App1.
Does this meet the goal?
- A. No
- B. Yes
Answer: A
Explanation:
Instead, use a LargePersonGroup. LargePersonGroup and LargeFaceList are collectively referred to as large- scale operations. LargePersonGroup can contain up to 1 million persons, each with a maximum of 248 faces.
LargeFaceList can contain up to 1 million faces. The large-scale operations are similar to the conventional PersonGroup and FaceList but have some differences because of the new architecture.
References:
https://docs.microsoft.com/en-us/azure/cognitive-services/face/face-api-how-to-topics/how-to-use-large-scale
NEW QUESTION 133
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