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NEW QUESTION # 100
A law firm realizes that its confidential information has been leaked to outsiders, causing the firm to lose court cases and clients The information is believed to have been taken from a password-protected shared file located on the company's servers, which can only be accessed via internal network connections Investigations thus far indicate that an employee was involved in the data breach.
Which are Ihe MOST effective steps the firm could lake lo prevent further loss of data? Choose 2 answers
- A. Set up a program to monitor access to all shared files and alert IT when employees transfer large amounts of data
- B. Disable USB ports on firm computers so no information can be removed from them
- C. Update the firm's code of ethics and require all employees to sign an acknowledgement of understanding
- D. Install security cameras to monitor the law firm premises
Answer: A,B
NEW QUESTION # 101
A hacker gains access to aclient'semail. The hacker, posing as the client contacts the real client's financial advisor and requests a wire transfer of S50,000 The advisor sells stock to generate cash and wires the funds to the account at ABC Bank provided by the hacker Has money laundering occurred?
- A. No; there was no placement of funds in the account
- B. Yes; the hacker committed fraud and then wired money out to hide its origin
- C. No; the hacker has committed fraud but not money laundering
- D. Yes; the advisor sold stock and generated cash
Answer: B
NEW QUESTION # 102
During an organizational overview of financial crime controls, Ms. Patel, the compliance analyst, discovers that certain customer due diligence procedures are inconsistently applied across different branches of the organization. What should Ms. Patel recommend to address this issue?
- A. Disregard the inconsistencies as they may not significantly impact compliance.
- B. Implement additional layers of bureaucracy to ensure uniformity.
- C. Conduct a comprehensive review of existing customer due diligence procedures.
- D. Assign responsibility for customer due diligence to individual branch managers.
Answer: C
NEW QUESTION # 103
David is the owner of afast-foodrestaurant He has made deposits into his bank account totaling $123,000 of which S51,000 is from cash deposits of mostly small denominations David deposited the S51,000 into his bank account over a one-month period at three different branches using multiple employees to make the deposits which are detailed below.
Branch 1: Deposits were made on February 3 6 and 9 in the respective amounts-$4,000 S6,000 and $5,300 Branch 2: Deposits were made on February 6 9 and 12 in the respective amounts-S3,750, $3,200 and S9,850 Branch 3: Deposits were made on February 3 7. and 13 in the respective amounts-$5,300 $9,750 and $3,850 Which red flags are indicative of money laundering?
Choose 3 answers
- A. Depositing round dollar amounts
- B. Making multiple transactions under the reporting threshold
- C. Conducting transactions at multiple branches
- D. Having individuals other than the account signatory make deposits
Answer: A,B,C
NEW QUESTION # 104
During a risk assessment of its customer onboarding process, a financial institution identifies a lack of adequate procedures for verifying the beneficial ownership of corporate clients. What is the most appropriate action for the institution to take to address this deficiency?
- A. Immediately suspend all new customer onboarding activities until the procedures are updated.
- B. Disregard the issue as long as corporate clients pass other due diligence checks.
- C. Implement enhanced monitoring for transactions involving corporate clients with unidentified beneficial owners.
- D. Revise the customer onboarding procedures to incorporate requirements for verifying beneficial ownership.
Answer: D
NEW QUESTION # 105
An examiner with a federal regulatory agency has been looking into complaints against a securities broker dealer who is suspected of selling fraudulent high-yield bonds to clients The broker-dealer had been offering these bonds for the last eighteen months.
A few weeks ago when several clients asked to withdraw the funds they had invested in the bonds, they received vague and seemingly evasive responses from the broker. Since then, the broker has been unresponsive and has not returned to her office.
The investigator has obtained the broker-dealer s bank account records for the past two years by court order and is currently analyzing canceled checks written on the account.
What information would the investigator be most likely to learn from reviewing these checks?
- A. Payments from the broker's account that were reversed or stopped
- B. Persons who may have received payments (from the broker during the fraud scheme
- C. An approximate amount of funds the broker-dealer obtained via fraud
- D. The names of persons who invested in the suspected fraud scheme
Answer: B
NEW QUESTION # 106
A fraud analyst is concerned that the company's reloadable prepaid card program could be abused by terrorist financiers and wants to ensure the data supplied to the detection system is sufficient for assisting with investigations.
Which data element would be Ihe MOST difficult for the analyst to obtain?
- A. The name of the person who loaded the card with funds
- B. The name of the cardholder
- C. Transaction details including ATM location or merchant
- D. The network of the loading system
Answer: A
NEW QUESTION # 107
Your Chent has been the victim of an investment fraud and he is in the process of obtaining a judgment against the perpetrator You have provided him with solid evidence that funds he invested in the scheme are on deposit in a domestic bank in the name of a shell corporation incorporated in another jurisdiction Through previous conduct by the perpetrator it can be demonstrated that not freezing the account could mean that the funds will be dispersed thereby frustrating a potential claim.
To protect the funds which should you suggest to your client?
- A. Provide a Mareva injunction to the bank
- B. Request a Norwich Pharmacal without gag order be issued to the bank
- C. Request a civil forfeiture action against the perpetrator
- D. File a Lis Pendens against the account
Answer: A
NEW QUESTION # 108
Ms. Thompson, a compliance manager at a financial institution, is tasked with developing a sanctions compliance program. Which of the following components should be included in the program to ensure comprehensive coverage of sanctions risks?
- A. Regular audits of the institution's financial statements to identify potential sanctions violations.
- B. Offering financial incentives to employees who achieve high levels of compliance with sanctions regulations.
- C. Ongoing monitoring of transactions to detect and report suspicious activities related to sanctions.
- D. Conducting market research to identify emerging trends in sanctions enforcement by regulatory authorities.
Answer: C
NEW QUESTION # 109
You are asked to investigate a potential fraud at an automobile dealership. The president of Bank A provides inventory financing to the dealership and suspects that it may be providing fraudulent documentation to the bank to increase its funding.
Which documents would provide the MOST effective evidence of potential fraudulent activity?
- A. Shipping invoices for cars sold at the dealership and then transported out of state
- B. Registrations of all cars sold by the dealership
- C. A list of vehicle identification numbers (VINs) at the dealership and Ihe accompanying internal bank list of VINs
- D. Internal dealership records displaying names and contact information of all buyers of cars in the last two years
Answer: A
NEW QUESTION # 110
During an organizational overview of financial crime controls, Ms. Lee, the compliance analyst, discovers that certain high-risk customers have not undergone enhanced due diligence (EDD) as required by regulatory guidelines. What is the most appropriate action for Ms. Lee to take?
- A. Conduct a retrospective review of the high-risk customers' transactions to assess potential risks.
- B. Notify senior management and request immediate termination of the high-risk customer relationships.
- C. Document the findings and recommend the implementation of robust procedures for EDD.
- D. Ignore the issue as long as there have been no suspicious transactions involving the high-risk customers.
Answer: C
NEW QUESTION # 111
You are in charge of network security for a national financial institution. Despite your best efforts you have suffered a major data breach due to overseas hackers. You are now tasked with reacting to that breach.
Which action should you take immediately?
- A. Deploy a new set of proxy firewalls to your intranet
- B. Identify the sensitivity of the data and level of impact on the organization
- C. Terminate all external connections to devices that hold sensitive customer data
- D. Reconfigure all of your access devices lo refuse connections for any IP address that is international
Answer: C
NEW QUESTION # 112
You work in a federal government agency processing benefits for millions of people who meet a specified sell of conditions (e. g, age, business size, medical necessity). The requests for benefits are filed electronically. Knowing that Fraudsters often falsely claim eligibility you have been asked to recommend analytical solutions to reduce the fraud across the agency's operations.
Which analytical or investigative method would MOST effectively identify potential fraudsters at the agency's enterprise level of operations?
- A. Partner will a law enforcement agency to review each applicant prior to paying any benefits
- B. Check for negative news information about applicants
- C. Begin reviewing historical tax information to possibly conduct an audit of all suspicious applicants
- D. Proactively screen transactions or claim requests against established business rules or criminal patterns prior to payment
Answer: D
NEW QUESTION # 113
Your country has received a spontaneous transmittal of information from Switzerland indicating lhal Person A the Director of Procurement from your country's Ministry of Internal Development maintains a bank account in Zurich with an average balance of $7,000 000. Previously there have been numerous allegations that Person A has received bribes in return tor favorable contract awards.
Which activity should be done FIRST to maximize the probability that these lunds are repatriated to your country?
- A. lndict Person A for money laundering in violation of Article 23 of the UNCAC
- B. Submit a formal mutual legal assistance request to Switzerland requesting return of all funds in the account
- C. Directly contact the bank in Zurich to determine the source of the funds
- D. Initiate a criminal investigation of Person A in your country
Answer: D
NEW QUESTION # 114
James Thieferlon has stolen Linda Victim's ATM card and PIN James withdrew a total of $10,000 from Linda's checking account over several transactions using several ATM machines James then created lake invoices on hisbrother'scompany stationary to make it appear as though he provided S15,000 of IT goods for his brother's import/export company. From there, he presented the invoices to his bank and deposited the stolen S10,000 with the legitimate S5,000 he made from selling personal goods on the Internet.
Which step could be considered money laundering?
- A. Smurfing committed by withdrawing the stolen $10,000 from several ATMs in small values
- B. Creating false invoices for his brother's import/export company
- C. Not openly declaring the $5,000 as Interne! sales revenue to be able to claim different taxes on them
- D. Depositing the money into his own bank account with the legitimate $5,000
Answer: D
NEW QUESTION # 115
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