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Which of the following transaction types, entities, or circumstances should also cause the initiation of an OFAC check?

A bank can have an effective Bank Secrecy Act (BSA)/Anti-money Laundering (AML) compliance system without necessarily having performed an institution risk assessment.

Funds transfers can be used in the placement, layering, and integration stages of money laundering.

Experts generally believe terrorist financing comes primarily from which of the following sources?

A bank can shift customer identification responsibilities to its agents (such as car dealers or mortgage brokers) to verify the identity of its customers and to maintain appropriate records.

NRAs are not permanent residents and therefore they will generally not have a legitimate need to establish an account relationship with a U.S. bank.

An aspect to prepare for an examination or audit is to educate the staff on proper protocol.

The scope of training should be functional, but bank-wide common must-know sessions are acceptable for everyone.

A financial institution’s customer identification program must include practical risk based procedures for verifying the identity of each customer

When quantifying your institution’s money laundering risk you should segregate loans by purpose