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The primary objectives of the United Nations in developing sanctions regimes include: (Choose three.)

A.

to force developing nations to adopt liberal or substantive democracies.

B.

to support governments and regimes in the peaceful resolution of conflict.

C.

to punish governments for having weak financial crime controls.

D.

to deter non-democratic and non-constitutional changes within countries.

E.

to support the protection of human rights.

It is essential to identify any "family members" or "close associates" of politically exposed persons (PEPs) as part of the KYC/CDD process because they could be:

A.

executing cross-border transactions for their own business which is not commensurate to the PEP's wealth.

B.

in a position to provide more information regarding the PEP's whereabouts and hidden properties.

C.

travelling to offshore jurisdictions often on holiday which exposes them to higher risks for AML.

D.

used as intermediaries to facilitate bribery or corruption or to conceal the illicit wealth of the PEP.

The United Nations Security Council (UNSC) is empowered to impose sanctions regimes against countries and terrorist organizations.

Which statements are true regarding sanctions imposed by the UNSC? (Select Two.)

A.

Attempts to circumvent or evade sanctions imposed by the UNSC can constitute a criminal offense if designated under local laws and regulations

B.

The UN can impose arms embargoes but cannot prohibit direct or indirect exports of other goods to specific countries

C.

Member countries of the United Nations are expected to implement and enforce sanctions imposed by the UNSC

D.

Direct breaches of sanctions imposed by the UNSC constitute a criminal offense in all member countries

Which statement about the extraterritorial reach of US laws and legislation is accurate?

A.

The Bank Secrecy Act (BSA) extraterritorial reach requires that the Travel Rule be applied to all financial institutions globally, including all USD transactions

B.

The Anti-Money Laundering Act of 2020 (AML Act) extraterritorial reach covers all USD transactions throughout the global economy

C.

The Office of Foreign Assets Control's (OFAC's) economic and trade sanctions may pose extraterritorial risks for financial institutions and businesses outside of the US

D.

Section 319(b) of the USA PATRIOT Act extraterritorial reach permits the seizure of funds from a correspondent bank account in the US that have been opened and maintained for the foreign bank

What is the relationship between the EU Anti-money Laundering Directives (AMLD) and local anti-money laundering (AML) regulations in European Union (EU) member states, in terms of their relevance for, applicability to, and impact on EU banks? (Select Two.)

A.

The EU AMLD and local AML regulations are separate and unrelated legal frameworks.

B.

The EU AMLD and local AML regulations must have identical requirements.

C.

Local AML regulations may impose additional or more stringent requirements than the EU AMLD.

D.

The EU AMLD take precedence over local AML regulations.

E.

Local AML laws and regulations override the requirements of the EU AMLD.

F.

The EU AMLD provide a framework that member countries must implement through local AML regulations.

The UN Security Council's primary role in imposing sanctions is that it has the authority to:

A.

impose sanctions lo maintain of restore international peace and security

B.

impose sanctions on countries that lack AML/CFT controls.

C.

conduct research on and analyze the impacts of sanctions to improve the effectiveness of sanctions regimes.

D.

impose sanctions on economic targets to maintain or restore financial stability within a country.

What is the first step in designing an effective controls framework using a risk-based approach?

A.

Establishing risk controls

B.

Assessing risk controls

C.

Ongoing risk monitoring

D.

Conducting a risk assessment

How do nominees benefit criminals misusing thorn for money laundering purposes? (Select Two.)

A.

Allow beneficial owners to provide proxies lot voting on corporate decisions

B.

Obscure beneficial ownership

C.

Allow domicile in the nominee's jurisdiction

D.

Derail investigations

Which of the following serves as an example of a successful public-private partnership (PPP)?

A.

The Financial Action Task Force (FATF)

B.

The AUSTRAC Fintel Alliance

C.

The Egmont Group

D.

The Wolfsberg Group

Which statement best describes an organizational challenge for law enforcement agencies and Financial Intelligence Units (FIUs) when conducting cross-border money laundering (ML) investigations?

A.

Defining a common communication approach and language between all involved parties.

B.

Delays in the investigation due to a foreign FIU awaiting the results of queries performed by third parties.

C.

Conducting an investigation in all countries through which ML funds were transferred when one or more of the countries do not have an FIU.

D.

Investigations which involve high-ranking politicians, who often have influence over the local FIU.