Based on studies executed by the Organization for Economic Cooperation and Development (OECD), which occupations are particularly vulnerable to the use of false identities and identity theft?
A. Government officers
B. Sea port officers
Which methods are typically used to launder money using insurance companies? (Choose two.)
A. The policy holder overpays the policy and moves the funds out of the policy despite paying early withdrawal penalties.
B. The policy holder enters a sibling as a beneficiary of the insurance policy rather than themselves.
C. The policy holder purchases a bond and redeems it at a discount prior to its full term.
D. The policy holder uses an offshore company to pay the insurance installments.
E. The policy holder is strongly interested in how many costs are incurred when taking out an insurance policy.
After a FATF mutual evaluation process, which are resulting actions for jurisdictions that are determined to have strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing? (Choose two.)
A. Expect private statements from FATF regarding the level of compliance of the jurisdiction, when insufficient progress is made.
B. Appeal to FATF for a technical compliance re-rating based on the jurisdiction's own experts criteria.
C. Demonstrate a high-level commitment to swiftly resolve the identified deficiencies in the FATF mutual evaluation report.
D. Request FATF for an extension of deadlines in order to provide local awareness on the improvements that are necessary to solve the deficiencies.
E. Report to FATF on the implementation of their progress under the enhanced follow-up mechanism.
According to the 5th EU Money Laundering Directive, member states require entities to apply enhanced customer due diligence measures with respect to business relationships or transactions involving high-risk third country nationals. Which are included in these requirements? (Choose three.)
A. Obtaining the approval of senior management for establishing or continuing the business relationship
B. Obtaining copies of passports for all authorized persons
C. Establishing and verifying the address of the client
D. Obtaining information on the reasons for intended or performed transactions
E. Obtaining tax reference details for the client
F. Obtaining information on the source of funds and source of wealth of the customer and of the beneficial owner(s)
D, E, F
Which transaction should result in a SAR/STR filing?
A. A small business owner deposits checks totaling $9,950 USD on a daily basis without providing a legitimate purpose.
B. A small business owner deposits $25,000 USD in cash proceeds with a business equipment bill of sale.
C. A national food-chain restaurant with multiple cash transactions at various branch locations.
D. A national food-chain restaurant makes multiple, anticipated cash transactions that are above the daily reporting threshold.