When a financial institution is served with a search warrant by a law enforcement agency, what are three things that the employees of the institution should do? Correct Answer: - They should cooperate fully with the law
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When a financial institution is served with a search warrant by a law enforcement agency, what are three things that the employees of the institution should do? Correct Answer: - They should cooperate fully with the law enforcement agents and remain calm and polite.
- They should try to obtain an inventory of the materials that the law enforcement agents take from the institution.
- They should review the warrant to determine its scope.
Which of the following is the most common method of laundering money through a legal money services business? Correct Answer: Exchanging currency and remitting money
In general, the three phases of money laundering are said to be: placement and: Correct Answer: layering and integration.
Which statement is true?
A. Systemic weaknesses in free trade zones include inadequate AML/CFT safeguards, minimal oversight by local authorities and weak procedures to inspect goods.
B. Cuckoo smurfing is a significant money laundering technique identified by the Financial Action Task Force, wherein a form of structuring uses nested accounts with shell banks in secrecy havens.
C. In its 40 Recommendations, the FATF issued a list of designated categories of offense that asserts crimes for a money laundering prosecution.
D. E-cash is not attractive to the money launderer because it cannot be completely anonymous and does not allow for large amounts to be transported quickly and easily. Correct Answer: Systemic weaknesses in free trade zones include inadequate AML/CFT safeguards, minimal oversight by local authorities and weak procedures to inspect goods.
Which three of the following is an indication of possible money laundering in an insurance industry scenario? Correct Answer: - Single-premium insurance bonds, redeemed at a discount
- Policyholders who are unconcerned about penalties for early cancellation
- Policyholders who redeem the policy within the free look period
Which two activities are typically
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