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NEW QUESTION # 119
What is an aspect of the USA PATRIOT Act that has extraterritorial reach?
Answer: D
Explanation:
The USA PATRIOT Act, enacted in 2001, is a comprehensive legislation that aims to enhance the US government's ability to combat terrorism, money laundering, and other criminal activities. One of the aspects of the Act that has extraterritorial reach is the requirement for US financial institutions (FIs) to apply certain due diligence and reporting obligations to their correspondent accounts and private banking accounts for foreign FIs and non-US persons, respectively12. These obligations are intended to prevent foreign FIs and individuals from using the US financial system to facilitate money laundering, terrorist financing, or other illicit activities. The Act also authorizes the Secretary of the Treasury to impose special measures, such as recordkeeping, reporting, or prohibitions, on certain foreign jurisdictions, FIs, or transactions that are found to be of primary money laundering concern34. These special measures can have significant impact on the access and operations of foreign FIs and persons in the US financial market.
References:
* 1: USA PATRIOT Act, Title III, Subtitle A, Section 3121
* 2: 31 CFR 1010.610 - Due diligence programs for correspondent accounts for foreign financial institutions2
* 3: USA PATRIOT Act, Title III, Subtitle A, Section 3113
* 4: 31 CFR 1010.651 - Imposition of special measure against foreign jurisdictions, foreign financial institutions, classes of international transactions, or types of accounts of primary money laundering
* concern4
Reference: https://www.fincen.gov/resources/statutes-regulations/usa-patriot-act
NEW QUESTION # 120
The owner of a real estate investment company deposits multiple cashier's checks that were bought using cash over a three-month period, from the sale of two apartments. This account also receives several electronic transfers from other financial institutions for 10.000 USD each. What activity is considered suspicious of money laundering?
Answer: A
Explanation:
Explanation
Using cash to buy multiple cashier's checks over a period of time is considered suspicious activity of money laundering. This method is commonly known as structuring, where individuals or entities use cash to buy multiple monetary instruments such as cashier's checks in small amounts, to avoid reporting requirements.
This behavior could be an attempt to evade transaction monitoring and reporting requirements by a financial institution. Additionally, the fact that the account also receives multiple electronic transfers for the same amount could be a red flag for money laundering as it is a common technique used to layer or disguise the origin of illicit funds.
Reference: Certified Anti-Money Laundering Specialist (the 6th edition) Study Guide, page 100-101.
NEW QUESTION # 121
Which event occurs most frequently in money laundering in the insurance industry?
Answer: D
Explanation:
One of the most common methods of money laundering in the insurance industry is to purchase a policy with illicit funds and then request a refund of the premiums, either partially or fully, before the policy matures. This way, the money launderer can receive a legitimate payment from the insurance company, effectively washing the dirty money. This technique is also known as premium fraud or early surrender12 According to the Financial Crimes Enforcement Network (FinCEN), the most significant money laundering and terrorist financing risks in the insurance industry are found in life insurance and annuity products, because such products allow a customer to place large amounts of funds into the financial system and seamlessly transfer such funds to disguise their true origin34 Some indicators of potential money laundering through insurance products are: 12
* The customer pays the premiums with cash, cashier's checks, money orders, or other anonymous or unusual payment methods.
* The customer overpays the premiums or makes multiple payments in excess of the required amount.
* The customer cancels the policy during the free-look or grace period and requests a refund to a different account or a third party.
* The customer purchases a policy that is inconsistent with their income, age, or risk profile.
* The customer shows little interest in the benefits or terms of the policy, but is more concerned about the cancellation or surrender options.
References:
* 1: AML in Insurance: How to Detect & Combat Money Laundering, ComplyAdvantage, 2022
* 2: Anti Money Laundering (AML) In Insurance Industry In 2021, Financial Crime Academy, 2023
* 3: Money laundering in the insurance industry, Insurance Commission, 2022
* 4: Money laundering in the insurance industry, Atty. Dennis B. Funa, Business Mirror, 2016
* [5]: Anti-Money Laundering Requirements: FAQs for Insurance Companies, FinCEN, 2005
NEW QUESTION # 122
On-line financial technologies are susceptible to money laundering risk because
Answer: A
Explanation:
According to the Anti-Money Laundering Specialist (the 6th edition) resources, one of the challenges of online financial technologies is the difficulty of verifying the identity and legitimacy of the customers and counterparties. This creates opportunities formoney launderers and other criminals to exploit the anonymity and speed of online transactions to move and conceal illicit funds. The other options are not directly related to the money laundering risk posed by online financial technologies.
1: ACAMS Study Guide for the Certified Anti-Money Laundering Specialist (the 6th edition), Chapter 5
2: Risk- Based Approach, page 133.
3: ACAMS Study Guide for the Certified Anti-Money Laundering Specialist (the 6th edition), Chapter 7
4: Money Laundering Risks and Methods, page 203.
NEW QUESTION # 123
Combating the Financing of Terrorism (CFT)]
Which of the following measures isone that the FATF recommends that Financial Institutions (FIs) and Designated Non-Financial Businesses and Professions (DNFBPs) taketo mitigate risks arising from business relationships withforeign politically exposed persons (PEPs)?
Answer: B
Explanation:
PEPs posehigher risks for corruption and money laundering, requiringenhanced due diligence (EDD).
* Option D (Correct):Understanding aPEP's source of wealth and fundsensureslegitimacy of transactions.
* Option A (Incorrect):Commercial databases help identify PEPsbutdo not mitigate risk alone.
* Option B (Incorrect):Lowering monitoring thresholds, not raising them, helps detect suspicious activity.
* Option C (Incorrect):Regulatory approval isnot required, but internal risk assessments are.
Reference:FATF Recommendation 12 (Politically Exposed Persons), Wolfsberg Group AML Guidance for PEPs.
NEW QUESTION # 124
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