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1) What could happen to compliance officers if they do not comply with the anti-money laundering laws and regulations?
2) The compliance officer is trying to put together a set of procedures for handling the documentation that supports the filing of an STR. What should the compliance officer recommend to be part of these procedures?
3) When assessing a new product, which of the following should be considered as part of the assessment from an AML perspective?
4) Which were the Basel Committee’s two main motivations to encourage strong Know Your Customer programs in its paper “Customer Due Diligence for Banks?”
5) A small broker-dealer has an AML compliance program that addresses procedures for filing Suspicious Transaction Reports and includes policies, procedures and internal controls for customer identification, monitoring accounts and identifying money laundering red flags. Every employee of the broker dealer is trained via the Internet in January and in July on AML issues. The board does not take the Internet training. Instead, the compliance officer organizes a luncheon for them where an outsider comes in and trains them. The program provides for the appointment of a compliance officer, and once a year the compliance officer conducts an audit to test the program. In what respect does the program need improvement?
6) Typically, when should a financial institution file an STR?
7) In most laws criminalizing money laundering, it is stated that:
8) When should a financial institution consider retaining an experienced outside counsel to assist it?
9) Which two activities are typically associated with the black market peso exchange (BMPE) money laundering system?
10) A customer at a brokerage firm indicated that he was primarily a conservative, long-range investor. The customer has recently been engaging in day trading in penny stocks. What should an AML compliance officer do in such a situation?

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