Enterprise risk management effectively eliminates requirements for individual subsidiaries’ BSA/AML compliance programs, as they are folded into the enterprise risk management program.

Risk assessments should be updated under which of the following circumstances?

The Financial Action Task Force (FATF) recommendations offer specific guidance on the type of account opening documentation and information banks should obtain prior to opening an account.

Which of the following categories would you rate as the highest risk:

Your bank provides various cash management services, including delivering and receiving currency to your cash-based business customers. While you are reviewing the currency shipments made to customer 863, you notice a significant increase in the amounts shipped, and a shift from small denomination bills to $100 bills. You also notice that currency shipments received customer 863 have increased and contain very few $100 bills.

Which of the following transaction types, entities, or circumstances should also cause the initiation of an OFAC check?

Professional service providers include which of the following:

In the following situation, indicate if the person is a PEP or is not a PEP: A construction company owned by a British Virgin Island company that is in turn owned by a partnership that includes a senior officer in a foreign country’s military

A bank can have an effective Bank Secrecy Act (BSA)/Anti-money Laundering (AML) compliance system without necessarily having performed an institution risk assessment.

In the following situation, indicate if the person is a PEP or is not a PEP:  The governor of the state in which your U.S. bank is located