A law enforcement action alleged that on several trading days over the course of two months, defendants engaged in a series of copper, gold, crude oil, and natural gas futures transactions on an electronic trading platform. One defendant repeatedly bought future contracts at low prices from the other, and then immediately sold them back at higher prices. As a result, one defendant effectively pocketed the same amount as the other lost even though there were no changes in the open positions held by either defendant.What is a name for this typology?
A mid-sized international bank is enhancing its AML compliance program, focusing on strengthening controls during customer onboarding and throughout the customer life cycle. Recently, the bank's compliance department flagged a corporate account that began showing signs of suspicious activity, including large, unusual transactions to high-risk jurisdictions. An internal audit review revealed that some controls were insufficient for continuous monitoring, and the bank lacked clear exit procedures for accounts deemed high-risk after onboarding.Which of the following actions should the compliance team prioritize to ensure effective management of customer accounts throughout their life cycle to mitigate these risks effectively?
What is the relationship between the EU Anti-money Laundering Directives (AMLD) and local anti-money laundering (AML) regulations in European Union (EU) member states, in terms of their relevance for, applicability to, and impact on EU banks? (Choose two.)
Which piece of information identified by customer screening would be the most likely reason to trigger consideration of exiting a business relationship with a customer because of financial crime concerns?
Which statement regarding data privacy is the most accurate in the context of AML investigations?
One of the basic elements of an effective AML/CFT compliance program is:
