Question: 1
In May 2002, the Wolfsberg Principles on Private Banking were revised and included a section that prohibits the use of internal non-client accounts in a manner that would prevent officials from appropriate monitoring movements of funds or keep clients from being linked to the movement of funds on their behalf.
What is another name for these internal, non-client accounts?
Question: 2
What is one recommendation of the Basel Committee's 2001 paper Customer Due Diligence for Banks''?
Question: 3
How do payable through accounts (PTAs) differ from normal foreign correspondent accounts?
Question: 4
What is a major money laundering risk associated with a number of prepaid cards as opposed to credit or debit cards?
Question: 5
An anti-money laundering officer for a financial institution has been conducting a monthly self assessment.
The officer reviews the accounts increase in compliance with a long standing know your Customer policy. The self-assessment for the latest month shows a significant increase in compliance deficiencies for the first time in more than a year. What is the nest course of action for the anti-money laundering officer to take?
