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A SAR/STR should be filed when the accountable institution identifies that:
A. an alert is generated by a transaction monitoring system.
B. a customer makes a cash deposit in round dollars.
C. cash transactions have values which avoid reporting thresholds.
D. an employee is not clearing alerts in a timely manner.
Answer: C
Explanation:
According to the ACAMS CAMS Certification Study Guide (6th edition), one of the red flags for money laundering is the structuring of cash transactions to avoid reporting thresholds. Structuring is the practice of breaking down large amounts of cash into smaller deposits or withdrawals that are below the reporting threshold of $10,000 in the United States or equivalent amounts in other jurisdictions. Structuring is done to evade the detection and reporting of cash transactions by financial institutions to the authorities. Therefore, when an accountable institution identifies that a customer is engaging in structuring or other forms of cash transaction manipulation, it should file a SAR/STR to report the suspicious activity1 References: 1: ACAMS CAMS Certification Study Guide (6th edition), page 64.
Reference: https://www.fdic.gov/regulations ... ticle03_connecting.
html
NEW QUESTION # 60
Combating the Financing of Terrorism (CFT)]
Which risks are involved in a correspondent banking client's ownership and management structure? (Select Two.)
A. Status as a state, publicly, or privately held entity
B. Length of time since the last Wolfsberg Group review
C. Regularity of board meetings
D. Size of the management structure
E. Transparency of the ownership structure
Answer: A,E
Explanation:
When dealing with correspondent banking clients, banks must evaluate the ownership and management structure of the client in order to assess the risks associated with the relationship. The status of the entity as a state, publicly, or privately held entity, as well as the transparency of the ownership structure, are important factors to consider when assessing these risks. Banks should also take into account the size of the management structure, the regularity of board meetings, and the length of time since the last Wolfsberg Group review in order to determine the risk associated with the correspondent banking relationship.
NEW QUESTION # 61
Which method do terrorist financiers use to move funds without leaving an audit trail?
A. Virtual currency
B. Casa de cambio
C. Extortion
D. Cash couriers
Answer: D
NEW QUESTION # 62
Whichred flags could indicate increased terrorist financing and money laundering risksrelated to cultural objects and high-value art? (Select Three.)
A. Use of art storage facilities located in tax-free zones.
B. Paying fair market value or premium prices for valuable art, gems, or precious metals at auction.
C. Use of art and antiquity experts to verify an item's authenticity.
D. High-quality single pieces of significant value sold on social media platforms.
E. Engagement of third-party art advisors as representatives at art auctions.
Answer: A,D,E
Explanation:
The art and antiquities market is highly vulnerable to money laundering and terrorist financingdue to anonymity in transactions, lack of regulatory oversight, and difficulty in tracing ownership.
* Option A (Correct):Art storage in tax-free zones can be used to obscure ownership and avoid AML scrutiny.
* Option C (Correct):Using third-party art advisors can facilitate anonymous transactions and shield beneficial ownership.
* Option D (Correct):High-value art sold on social media without proper provenance raises ML/TF risksdue tolack of financial oversight.
Why Other Options Are Incorrect:
* Option B (Incorrect)aying fair market value does not indicate illicit activity-underpricing or rapid resale are bigger red flags.
* Option E (Incorrect):Authenticity verification is common in legitimate art transactions and is not a direct ML/TF red flag.
Red Flags for Art & Antiquities Money Laundering:
* Frequent high-value art transactions with no clear business purpose.
* Use of intermediaries to conceal beneficial ownership.
* Rapid resale of newly purchased art at below-market prices.
Best Practices for AML in the Art Market:
* Conduct enhanced due diligence (EDD) on high-value art transactions.
* Monitor transactions involving politically exposed persons (PEPs).
* Report suspicious transactions linked to high-risk art traders.
Reference:
FATF Report on Money Laundering in the Art & Antiquities Market
6th EU AML Directive (6AMLD) on High-Value Asset Transactions
U.S. FinCEN Guidance on Art and Antiquities Trade AML Risks
NEW QUESTION # 63
A bank employee recently opened an account for a new restaurant. Daily cash deposits over a three-month period are close to $9,500.
What are two red flags that indicate possible money laundering or terrorist financing? (Choose two.)
A. The daily cash deposits are so close in amount
B. It is a new account that has daily cash deposits
C. The restaurant is located in a different city
D. The new account demonstrates a steady flow of income
Answer: A,D
NEW QUESTION # 64
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aying fair market value does not indicate illicit activity-underpricing or rapid resale are bigger red flags.