A bank in Italy holds a business account for a Italian company that sells gold throughout Europe and the Western Hemisphere. The bank knows the purpose of this account is to receive payment for sales. A review of the account shows a pattern of wire transfers coming from payable-through accounts. There is also a pattern of purchases of gold bullion held in Swiss banks. The MOST important factor in assessing whether money laundering is a threat is that the: - ️️Payments come from third-pa...

Identify the seven topics of international incorporated into the FATF 40 recommendations in 2012? - AML/CFT policies & procedures. Money Laundering & confiscation. Terrorist financing & financing of proliferation. Financial & non-financial institution preventative measures. Transparency & beneficial ownership of legal persons & arrangements. Powers & responsibilities of competent authorities & other institutional measures. International cooperation. According to the Egmont Group, What is th...

Which of the following is the most common method of laundering money through a legal money services business? A. Exchanging currency and remitting money B. Smuggling bulk cash C. Transferring funds through payable through accounts (PTAs) D. Exchanging Colombian pesos on the black market - a In general, the three phases of money laundering are said to be: placement and A. structuring and manipulation. B. layering and integration. C. layering and smurfing. D. integration and infiltration...

Describe the three phases of money laundering. – • Placement is the physical disposal of cash or other assets derived from criminal activity. • Layering is the separation of illicit proceeds from their source by layers of financial transactions intended to conceal the origin of the proceeds. • Integration is supplying apparent legitimacy to illicit wealth through the re‐entry of the funds into the economy in what appears to be normal business or personal transactions. What are...

What is remote deposit capture and what risk is associated with it? - ️️Remote deposit capture (RDC) is a bank product that allows customers to scan a check and transmit an electronic image to the bank for deposit. Because RDC minimizes human intervention, it decreases the ability to identify potential fraud indicators, such as an altered check and multiple deposits of the same item. What is a money laundering risk pertaining to the use of concentration accounts? - ️️Money launderi...

The United Nations 2000 Convention Against Transnational Organized Crime, also known as the "Palermo Convention," defines money laundering as: 1. - ️️The conversion or transfer of property, knowing it is derived from a criminal offense, for the purpose of concealing or disguising its illicit origin or of assisting any person who is involved in the commission of the crime to evade the legal consequences of his or her actions. Formed in 1989 - ️️Financial Action Task Force (FA...

ACAMS Study Guide (6th Edition) Chapter 1 Practice Questions and Answers What is Money Laundering? - Answer-Money laundering is the taking of criminal proceeds and disguising their illegal sources in order to use the funds to perform legal or illegal acts. Describe the three phases of Money Laundering. - Answer-1) Placement is the physical disposal of cash or other assets derived from criminal activity. 2) Layering is the separation of illicit proceeds from their source by layers of finan...

AAAE CM Module 1 Study test in depth Examination and 100% correctly verified Solutions Latest version 2023/2024 Enterprise fund - correct answer When in Airport acts like a business Grant assurances - correct answer The hidden regulations of Airport management Revenue diversion - correct answer When airport revenue is used for non-airport purposes Airport sponsor - correct answer Legal entity responsible for the management and operation of an airport or how the FAA refers to the airpor...

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Developing Clinical Judgment for Professional Nursing and the Next-Generation NCLEX-RN® Examination Donna D. Ignatavicius, MS, RN, CNE, ANEF Speaker and Curriculum Consultant for Academic Nursing Programs; Founder, Boot Camp for Nurse Educators; President, DI Associates, Inc. , Lileton, Colorado| 12th edition Table of Contents Instructions for online access Cover image Title page Copyright Contributors Reviewers Preface Dedication About the author Acknowledgments Exemplars PART 1. In...