Bank secrecy act - Study guides, Class notes & Summaries

CAFP,Certified AML and Fraud Professional Exam Prep (New 2023/ 2024 Update) Questions and Verified Answers| 100% Correct QUESTION When can reverse money laundering occur? Answer: During terrorist financing QUESTION What is one of the ways illicit funds are laundered and reintroduced back into the economy? Answer: trade based money laundering QUESTION What is the Bank Secrecy Act? Answer: Regulation that started requiring reporting of CTRs ...

SAFE Mortgage Loan Originator Test Latest Update Graded A+ Prequalification an estimate of the loan amt. for which the buyer can qualify based on his income/credit under the lenders standards USDA ratio 29/41 FHA ratio 31/43 Asset based loan -loans based on borrowers equity -bad when lenders fail to consider ability to repay High Cost Loan Reg Z - Sec. 1026.32 -APR will exceed by more than 6.5% for first lien loans or by more than 8.5% for subordinate -APOR - average prime ...

1. Under normal circumstances, a customer's LOI on a mutual fund purchase is valid for what amx period time? A. 3 months B. 6 months C. 13 months 24 months : C. 13 months FinCEN accomplishes its mission to safeguard the financial system from the abuses of financial crime, including terrorist financing and money laundering, by enforcing: A. SEC regulations B. The Bank Secrecy Act C. The Securities Act of 1933 D. The Investment Company Act of 1940 : B. The Bank Secrecy A

What is IT Governance? : A framework that ensures that information technology decisions are made while taking into account a business' goals and objectives. Why is corporate governance important today : Corporate governance is intended to increase the accountability of your company and to avoid massive disasters before they occur Who are responsible for governance : such as the board of directors, managers, shareholders, creditors, auditors, regulators, and other stakeholders What a...

1. Which statement best describes the intent of the Bank Secrecy Act (BSA)? A. To make money laundering more difficult and to prevent banks from becoming unknowing intermediaries in illicit activity B. To mandate that all persons must be treated fairly when applying for credit C. To coordinate housing data for purposes of identifying possible discriminatory housing practices D. To require that banks make check deposits available within a specified period of time ID:7753F4F0CEA0466BBC713DA3...

Bank Secrecy Act/Anti-Money Laundering (BSA/AML) questions with complete solution

CIPM Latest Update Graded A+ Accountability - ️️ the implementation of appropriate technical and organizational measures to ensure and be able to demonstrate that the handling of personal data is performed in accordance with relevant law; one of the FIPs Adequate Level of Protection - ️️ decision made by the European Commission that takes into account: the rule of law, the existence and effective functioning of independent supervisory authorities, and the international commitments ente...

FINANCIAL CRIMES COMPLIANCE | 118 COMPLETE QUESTIONS AND ANSWERS VERIFIED BY EXPERT 100% CORRECT | UPDATED Define a search warrant and describe how it is issued. - ANSWER Granted permission from a court, for a law enforcement agency to search designated premises and to seize specific categories of items or documents. Generally, the requesting agency is required to establish that probable cause exists that evidence of a crime will be located. This document is authorized based on information con...

1. Which statement best describes the intent of the Bank Secrecy Act (BSA)? A. To make money laundering more difficult and to prevent banks from becoming unknowing intermediaries in illicit activity B. To mandate that all persons must be treated fairly when applying for credit C. To coordinate housing data for purposes of identifying possible discriminatory housing practices D. To require that banks make check deposits available within a specified period of time ID:7753F4F0CEA0466BBC713D...

What are some examples, besides banks and credit unions, of a financial institution? Ans: - savings and loan associations - finance companies - insurance companies - investment companies The national banking system in the US was established by ________ Ans: the National Bank Act of 1864 The ___________ defines financial institutions as banks, savings associations, and credit unions. It also includes any organization that holds a transaction account on behalf of a customer. Ans: Fair...