A Sanctions Compliance Officer has recently decided that funds related to a transaction need to be blocked pursuant to US sanctions. The customer begins to wonder why their funds are not available and contacts the Sanctions Compliance Officer for information. The Officer:
Answer : D
Which is the most important step to take after identification of a transaction related to a sanctioned person?
Answer : C
Which practice could cause an automated screening tool (AST) to perform under-screening?
Answer : A
Which activity is authorized under the general licenses provided under the UK’s counter-terrorism sanctions program, but not under the equivalent US program?
Answer : A
Which standards, issued as part of the Wolfsberg Group Payment Transparency Standards (WGPTS), were adopted by financial institutions (FIs) to mitigate the risks associated with payment evasion techniques? (Choose two.)
Answer : CE
When exposure to a sanctioned party is identified and asset freezing is required, what action should a Sanctions Compliance Officer take?
Answer : B
Primary sources of information used in sanctions investigations:
Answer : C
A risk-based approach to sanctions compliance, likely acceptable to auditors and regulators, could enable a firm to:
Answer : B
Why are inequalities lists complied by financial institutions and implemented in automated screening tools (ASTs)?
Answer : D
Company X acquires a 60% interest in Company Y. During the acquisition, Company X conducts training with Company Y employees on the company’s sanctions policy, which prohibits dealing with sanctioned Country Z. Company Y continues to trade with Country Z. Which controls are most likely to detect the prohibited activity? (Choose two.)
Answer : AE
Which example best describes how the US determines the sanctions status of a legal entity with sanctions target(s) in their ownership structure?
Answer : B
Which risk factor is most important in driving exposure to sanctions risk for a non-life insurance company?
Answer : A
Which technology uses human feedback and advanced statistical modeling techniques to make decisions used in resolving sanctions screening alerts?
Answer : D
A financial institution is issuing a letter of credit for a shipment of goods to Country X. Country X is next to Country Y. Sanctions on Country Y bar all imports and exports. Which is the Sanctions Compliance Officer’s primary concern due to the two countries’ proximity?
Answer : C
Which industries are considered high-risk for sanctions circumvention? (Choose three.)
Answer : AED
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