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Basel Committee on Banking Supervision The Basel Committee was established by the G-10's central bank of governors in 1974 to promote sound supervisory standards worldwide. It's Secretariat is appointed by the Bank of International Settlements in Basel, Switzerland. It has issued, among others, pa...
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Add to cartBasel Committee on Banking Supervision The Basel Committee was established by the G-10's central bank of governors in 1974 to promote sound supervisory standards worldwide. It's Secretariat is appointed by the Bank of International Settlements in Basel, Switzerland. It has issued, among others, pa...
Under the FATF Recommendations, when should a bank perform a risk assessment on issuing a new product to market? A. 30 days from the official launch date B. 90 days from the official launch date C. During the product testing phase, but before final details on the product are defined D. Prior t...
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Add to cartUnder the FATF Recommendations, when should a bank perform a risk assessment on issuing a new product to market? A. 30 days from the official launch date B. 90 days from the official launch date C. During the product testing phase, but before final details on the product are defined D. Prior t...
Which of the FATF Style Regional Bodies issued its own set of 19 recommendations, which were specific to the region? CFATF (Caribbean Financial Action Task Force) Does the Basel Committee prohibit the use of numbered accounts? No. Numbered accounts are subject to same KYC procedures, and account ...
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Add to cartWhich of the FATF Style Regional Bodies issued its own set of 19 recommendations, which were specific to the region? CFATF (Caribbean Financial Action Task Force) Does the Basel Committee prohibit the use of numbered accounts? No. Numbered accounts are subject to same KYC procedures, and account ...
Palermo Convention The United Nations 2000 Convention Against Transnational Organized Crime, also known as the "Palermo Convention", defines money laundering as... -The conversion or transfer of property, knowing it is derived from a criminal offense, for the purpose of concealing or disguisi...
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Add to cartPalermo Convention The United Nations 2000 Convention Against Transnational Organized Crime, also known as the "Palermo Convention", defines money laundering as... -The conversion or transfer of property, knowing it is derived from a criminal offense, for the purpose of concealing or disguisi...
Financial Action Task Force (FATF) An international, intergovernmental organization composed of members from more than 30 countries, whose primary purpose is the development and promotion of policies, at both national and international levels, to combat money laundering and terrorist financing. F...
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Add to cartFinancial Action Task Force (FATF) An international, intergovernmental organization composed of members from more than 30 countries, whose primary purpose is the development and promotion of policies, at both national and international levels, to combat money laundering and terrorist financing. F...
FATF objectives are to set standards and promote effective implementation of _________, ____________, and ___________ for combatting ML, TF and other related threats. legal, regulatory and operational measures Starting with its own members, FATF: Monitors countries' progress in implementing the ...
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Add to cartFATF objectives are to set standards and promote effective implementation of _________, ____________, and ___________ for combatting ML, TF and other related threats. legal, regulatory and operational measures Starting with its own members, FATF: Monitors countries' progress in implementing the ...
Pros of Risk Based Approach -Flexible: as ML/TF risk vary across jurisdictions, customers, products and delivery channels, and over time -Effective: As companies are better equipped than legislators to effectively assess and mitigate the particular ML/TF risks they face. -Proportionate: A risk bas...
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Add to cartPros of Risk Based Approach -Flexible: as ML/TF risk vary across jurisdictions, customers, products and delivery channels, and over time -Effective: As companies are better equipped than legislators to effectively assess and mitigate the particular ML/TF risks they face. -Proportionate: A risk bas...
SAFE HARBOR What is a safe harbor for reporting suspicious activity? Safe harbor is defined as legal protection for financial institutions, their directors, officers and employees from criminal and civil liability for breach of any restriction on disclosing information imposed by contract or by any ...
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Add to cartSAFE HARBOR What is a safe harbor for reporting suspicious activity? Safe harbor is defined as legal protection for financial institutions, their directors, officers and employees from criminal and civil liability for breach of any restriction on disclosing information imposed by contract or by any ...
Money Laundering and Terrorist Financing Red Flags Unusual Activity Indicative of Human Smuggling 1. multiple wire transfers generally kept below the 3,000$ reporting threshold, sent from various locations across the united states to a common beneficiary located in a U.S. or a mexican city along ...
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Add to cartMoney Laundering and Terrorist Financing Red Flags Unusual Activity Indicative of Human Smuggling 1. multiple wire transfers generally kept below the 3,000$ reporting threshold, sent from various locations across the united states to a common beneficiary located in a U.S. or a mexican city along ...
Identify the three important tasks that FATF focuses on. -Spreading the anti-money laundering message worldwide, -Monitoring implementation of the FATF Recommendations among FATF members, and -Reviewing money laundering trends and countermeasures According to the FATF 40 Recommendations, the co...
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Add to cartIdentify the three important tasks that FATF focuses on. -Spreading the anti-money laundering message worldwide, -Monitoring implementation of the FATF Recommendations among FATF members, and -Reviewing money laundering trends and countermeasures According to the FATF 40 Recommendations, the co...
What is money laundering The taking of criminal proceeds and disguising their illegal source in order to use the funds for legal or illegal acts Give an example of the second stage in the money laundering cycle Electronically moving funds from one country to another; moving funds form one financi...
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Add to cartWhat is money laundering The taking of criminal proceeds and disguising their illegal source in order to use the funds for legal or illegal acts Give an example of the second stage in the money laundering cycle Electronically moving funds from one country to another; moving funds form one financi...
Stages of Money Laundering 1. Placement 2. Layering 3. Integration Placement The physical disposal of cash or other assets derived during criminal activity. Introduction of illicit funds to financial system. Examples of Placement -Blending funds with legitimate business proceeds. -Forex -...
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Add to cartStages of Money Laundering 1. Placement 2. Layering 3. Integration Placement The physical disposal of cash or other assets derived during criminal activity. Introduction of illicit funds to financial system. Examples of Placement -Blending funds with legitimate business proceeds. -Forex -...
1. Which of the following is the most common method of laundering money through a legal money services business? A. Purchasing structured money instruments. B. Smuggling bulk-cash. C. Transferring funds through Payable Through Accounts (PTAs). D. Exchanging Colombian pesos on the black market...
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Add to cart1. Which of the following is the most common method of laundering money through a legal money services business? A. Purchasing structured money instruments. B. Smuggling bulk-cash. C. Transferring funds through Payable Through Accounts (PTAs). D. Exchanging Colombian pesos on the black market...
C The USA PATRIOT Act was passed in: A) 1970 B) 1985 C) 2001 D) 2007 D The three stages of money laundering are: A) Layering, Placement, Refining B) Placement, Refining, Integration C) Refining. Integration, Layering D) Integration, Layering, Placement D Which of the fo...
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Add to cartC The USA PATRIOT Act was passed in: A) 1970 B) 1985 C) 2001 D) 2007 D The three stages of money laundering are: A) Layering, Placement, Refining B) Placement, Refining, Integration C) Refining. Integration, Layering D) Integration, Layering, Placement D Which of the fo...
Bank Draft Vulnerable to money laundering because it represents a reputable international monetary instrument drawn on a reputable institution, and is often made payable-in cash-upon presentation and at the issuing institution's account in another country. Bank for International Settlements (BIS...
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Add to cartBank Draft Vulnerable to money laundering because it represents a reputable international monetary instrument drawn on a reputable institution, and is often made payable-in cash-upon presentation and at the issuing institution's account in another country. Bank for International Settlements (BIS...
Structuring Designing a transaction to evade triggering a reporting or record-keeping requirement. Smurfing Multiple individuals making multiple cash deposits and/or buying multiple monetary instruments or bank drafts in amounts under the reporting threshold in an attempt to evade detection Mi...
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Add to cartStructuring Designing a transaction to evade triggering a reporting or record-keeping requirement. Smurfing Multiple individuals making multiple cash deposits and/or buying multiple monetary instruments or bank drafts in amounts under the reporting threshold in an attempt to evade detection Mi...
1) Gold is an extremely attractive vehicle for laundering because it is relatively compact and easy to transport 2) the gold market is a target for criminal activity because it is lucrative and holds its value regardless of the form it takes Name two key findings by FATF in its report on "Money La...
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Add to cart1) Gold is an extremely attractive vehicle for laundering because it is relatively compact and easy to transport 2) the gold market is a target for criminal activity because it is lucrative and holds its value regardless of the form it takes Name two key findings by FATF in its report on "Money La...
Define a red flag. A warning signal that should bring attention to a potentially suspicious situation, transaction or activity. Define willful blindness. A legal principle that operates in money laundering cases in the U.S. and is defined by courts as the "deliberate avoidance of knowledge of th...
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Add to cartDefine a red flag. A warning signal that should bring attention to a potentially suspicious situation, transaction or activity. Define willful blindness. A legal principle that operates in money laundering cases in the U.S. and is defined by courts as the "deliberate avoidance of knowledge of th...
Moneyval Council of European committee of Experts on the Evaluation of AML measures and the Financing of Terrorism GAFISUD Financial Action Task Force on Money Laundering in South America MENAFATF Middle East and North Africa Financial Action Task Force EAG EurAsian Group GIABA Intergove...
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Add to cartMoneyval Council of European committee of Experts on the Evaluation of AML measures and the Financing of Terrorism GAFISUD Financial Action Task Force on Money Laundering in South America MENAFATF Middle East and North Africa Financial Action Task Force EAG EurAsian Group GIABA Intergove...
2 ways remittance services can foster ML • Packages containing large cash sums and even drugs anonymously. • Another technique commonly used by money remitters and currency exchanges is for the broker to make the funds available to the criminal organization at the destination country in the loc...
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Add to cart2 ways remittance services can foster ML • Packages containing large cash sums and even drugs anonymously. • Another technique commonly used by money remitters and currency exchanges is for the broker to make the funds available to the criminal organization at the destination country in the loc...
What are three indicators of money laundering associated with using electronic funds transfers? Funds transfers to or from financial secrecy haven without an apparent business reason. Funds transfers are received or sent from the same person to or from different accounts. Payments or receipts ...
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Add to cartWhat are three indicators of money laundering associated with using electronic funds transfers? Funds transfers to or from financial secrecy haven without an apparent business reason. Funds transfers are received or sent from the same person to or from different accounts. Payments or receipts ...
Gatekeepers are defined as professionals such as lawyers, accountants, notaries, investment advisors and trust and company service providers. Which three of the following statements are true? 1) Online gambling provides an excellent method of laundering because transactions are conducted primari...
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Add to cartGatekeepers are defined as professionals such as lawyers, accountants, notaries, investment advisors and trust and company service providers. Which three of the following statements are true? 1) Online gambling provides an excellent method of laundering because transactions are conducted primari...
Which of the following statements is true? A Credit cards are not likely to be used in the layering phase of money laundering because of restrictions in cash payments B Credit cards are effective instruments for laundering money because the transactions do not create a paper trail C A laun...
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Add to cartWhich of the following statements is true? A Credit cards are not likely to be used in the layering phase of money laundering because of restrictions in cash payments B Credit cards are effective instruments for laundering money because the transactions do not create a paper trail C A laun...
Define "smurfing." The use of multiple individuals and/or transactions for making cash deposits, buying monetary transactions or banks drafts in amounts under the reporting threshold. (NB: Some equate this term with structuring) What are the sections of the USA PATRIOT Act pertaining to AML ...
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Add to cartDefine "smurfing." The use of multiple individuals and/or transactions for making cash deposits, buying monetary transactions or banks drafts in amounts under the reporting threshold. (NB: Some equate this term with structuring) What are the sections of the USA PATRIOT Act pertaining to AML ...
Identify the seven topics of international incorporated into the FATF 40 recommendations in 2012? AML/CFT policies & procedures. Money Laundering & confiscation. Terrorist financing & financing of proliferation. Financial & non-financial institution preventative measures. Transparency & benefic...
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Add to cartIdentify the seven topics of international incorporated into the FATF 40 recommendations in 2012? AML/CFT policies & procedures. Money Laundering & confiscation. Terrorist financing & financing of proliferation. Financial & non-financial institution preventative measures. Transparency & benefic...
Which of the following is the most common method of laundering money through a legal money services business? A. Exchanging currency and remitting money B. Smuggling bulk cash C. Transferring funds through payable through accounts (PTAs) D. Exchanging Colombian pesos on the black market a In ...
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Add to cartWhich of the following is the most common method of laundering money through a legal money services business? A. Exchanging currency and remitting money B. Smuggling bulk cash C. Transferring funds through payable through accounts (PTAs) D. Exchanging Colombian pesos on the black market a In ...
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