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According to the Financial Action Task Force, which action must a financial institution take to fulfill customer due diligence obligations?
A. Verify the customer is not on any sanction lists.
B. Obtain information on the intended nature of the banking relationship.
C. Identify shareholders listed on the stock exchange of corporate entities holding fifty percent of the shares.
D. Secure a written declaration from the customer confirming the source of the funds.
Answer: A
Explanation:
According to the Financial Action Task Force (FATF), a financial institution must take certain steps to fulfill its customer due diligence (CDD) obligations [1][2]. These steps include verifying the customer's identity, understanding the customer's business, and assessing the customer's risk profile. Additionally, the financial institution must verify that the customer is not on any sanction lists, such as the OFAC Specially Designated Nationals list. This step is important to ensure that the financial institution is not doing business with any individuals or entities that are subject to economic sanctions. Other steps include obtaining information on the intended nature of the banking relationship, securing a written declaration from the customer confirming the source of the funds, and identifying shareholders listed on the stock exchange of corporate entities holding fifty percent of the shares.
NEW QUESTION # 162
An account officer who maintains an excellent relationship with the finance manager for a correspondent bank customer learns that many records for the correspondent bank have been requested by law enforcement.
In the interest of maintaining a good relationship with the customer, the account officer sets up a meeting to discuss the legal request with the customer. The account officer intends to discuss points related to the investigation during this meeting. Which of the following should an anti-money laundering specialist recommend?
A. Let his manager know what conversations have taken place with the customer and docu-ment the account file accordingly.
B. Discuss all the points being investigated by law enforcement to ensure the correspondent bank is well prepared when approached.
C. Limit discussions about the investigation with the customer and be satisfied that he has provided proper notice to the customer.
D. The meeting should be cancelled as he has already behaved inappropriately by alerting the customer to the investigation.
Answer: D
Explanation:
the U.S. government has the authority to seize and forfeit funds in a correspondent account of a non-U.S.
bank if the funds are involved in or traceable to a money laundering offense, regardless of where the offense occurred. This is based on the USA PATRIOTAct, which expanded the definition of "proceeds of specified unlawful activity" to include any property that is derived from or traceable to a foreign offense that would be a predicate offense if committed in the U.S12
=
1: ACAMS Study Guide for the CAMS Certification Examination, 6th Edition, Chapter 4, page 137
2: USA PATRIOT Act, Title III, Section 319(b)
NEW QUESTION # 163
What are the regulatory risks to a bank employee who willfully violates anti-money laundering laws?
A. Criminal investigation and imprisonment
B. Fines and suspension from the industry
C. Investigation and reputational damage
D. Enforcement actions including fines against the financial institution
NEW QUESTION # 164
Which of the following is the best action to take regarding a particular account once suspicious activity is reported by the institution?
A. Secure all supporting documentation.
B. Immediately close the account.
C. Freeze the funds pending notification from the competent authority.
D. Notify the client that the transaction has been reported.
Answer: A
Explanation:
According to the BSA/AML Manual1, once a financial institution files a SAR, it should maintain a copy of the SAR and the original or business record equivalent of any supporting documentation for a period of five years from the date of filing the SAR. The supporting documentation should be identified and maintained by the financial institution as such, and be deemed to have been filed with the SAR. The financial institution should make all supporting documentation available to FinCEN or any federal, state, or local law enforcement agency, or any federal regulatory authority that examines the financial institution for compliance with the BSA, upon request. Therefore, the best action to take regarding a particular account once suspicious activity is reported by the institution is to secure all supporting documentation, as it may be needed for further investigation or examination.
BSA/AML Manual1
Suspicious Activity Reporting - Overview2
Suspicious Activity Report (SAR) Basics3
NEW QUESTION # 165
the Financing of Terrorism (CFT)]
How should a compliance officer respond to law enforcement agencies' request for information on a customer undergoing an investigation?
A. Collaborate with the financial institution's (FI's) designated department to determine the appropriate course of action to comply with the request.
B. Freeze account assets and advise the customer that assets will not be released until the investigation has been completed
C. Share details of the investigation with respective colleagues who deal with this customer type on a daily basis.
D. Gather all requested documentation and send via secure email to the requesting authority.
Answer: A
Explanation:
A compliance officer should cooperate with the law enforcement inquiry as much as possible, but also ensure that the request is valid, lawful, and does not violate any confidentiality or privacy obligations. Therefore, the compliance officer should collaboratewith the FI's designated department, such as the legal counsel, the senior management, or the board of directors, to determine the appropriate course of action to comply withthe request12. The compliance officer should also ensure that all communication, written and oral, is funneled through a centralized place, and that the FI maintains a record of the request and the response12.
:
1: Requests by Law Enforcement for Financial Institutions to Maintain Accounts, FinCEN, 2014
2: Best Practices for Compliance and Enforcement-Related Information Requests, EPA, 2018 Reference: https://www.acams.org/en/resources/aml-glossary-of-terms
NEW QUESTION # 166
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