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According to Basel Committee guidelines, which level of the organization should determine whether or not to enter business relationships with higher risk customers?
A. Senior management
B. Middle management
C. Account opening staff
D. First-level management
Answer: A
NEW QUESTION # 135
A high volume of incoming wire transfers generates an alert about a client. The funds are immediately debited by cash withdrawals and outgoing wire transfers.
Which information should be reviewed first to investigate this alert/case?
A. Open source information
B. Account activity
C. Customer profile
D. Adverse media search
Answer: C
NEW QUESTION # 136
A financial institution is designing an enterprise-wide risk assessment (EWRA).
According to the guidance issued by the Wolfsberg Group regarding a risk-based approach to identifying and managing money laundering risks, an effective approach should:
A. Use a framework provided by a third-party vendor and used by other FIs in the jurisdiction.
B. Focus on understanding the risks presented by new clients within the assessment period, and the controls to mitigate associated money laundering risks.
C. Include appropriate measures and controls to mitigate money laundering risks stemming from higher- risk customers, products, and geographies.
D. Focus on the inherent risk in the FI's product and service offerings and the controls to mitigate potential money laundering risks.
Answer: C
NEW QUESTION # 137
The financial industry relies heavily on rules-based approaches to transaction monitoring to detect suspicious activities.
Scenario-based systems use technology and algorithms to identify: (Choose three.)
A. hidden beneficial owners.
B. transaction patterns involving transactions that exceed a certain dollar amount.
C. fraudulent identities involving stolen or manufactured identification.
D. suspicious behavior involving a transaction that occurs at an unusual time of day.
E. anomalies involving a transaction that occurs in a location far away from the customer's usual spending patterns.
Answer: B,D,E
Explanation:
Scenario-based systems use algorithms to detect suspicious behaviors, such as transactions occurring at unusual times, those exceeding specified thresholds, or those taking place in locations inconsistent with a customer's typical activity. These anomalies help identify potential financial crime risks.
NEW QUESTION # 138
A large international bank's chief compliance officer (CCO) is exploring ways to enhance the bank's ability to identify suspicious activities by using intelligence data more effectively. One potential solution is to engage in public-private partnerships (PPPs) to leverage shared intelligence and enhance collaboration with government agencies.
The bank considers joining a PPP initiative with the local Financial Intelligence Unit (FIU) and other financial institutions to improve its access to relevant data and intelligence. The CCO understands that while PPPs can provide significant benefits, such as improved risk detection and enhanced information sharing, there are also potential limitations, including data privacy concerns and differing priorities between public and private sector partners.
Which approach would best maximize the benefits of PPPs for the bank while mitigating the limitations associated with data sharing and intelligence?
A. Rely solely on the intelligence provided by government agencies through the PPP because they have the most comprehensive data on suspicious activities
B. Engage in the PPP without strict data sharing protocols, allowing for open and unrestricted flow of information between the bank, FIUs, and other financial institutions
C. Establish a clear framework within the PPP that outlines data privacy protections and ensures that information sharing complies with legal and regulatory requirements in all jurisdictions involved
D. Prioritize the bank's internal data sources over external intelligence from PPPs, as internal data is easier to control and does not present data privacy challenges
Answer: C
Explanation:
To maximize the benefits of PPPs while addressing data privacy and regulatory concerns, the bank should establish a clear framework within the partnership that defines privacy protections and ensures all information sharing complies with applicable legal and regulatory requirements across jurisdictions. This approach fosters trust, enables effective collaboration, and mitigates potential legal risks.
NEW QUESTION # 139
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