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Which of the following is a required 'pillar' of an anti-money laundering compliance program for a covered non-bank mortgage lender?
a.Offering the lowest interest rate in the market
b.Paying loan originators a flat salary
c.Designating a compliance officer to oversee the AML program
d.Filing a CTR for every loan application
Giải thích
An effective AML program must include, among its pillars, a designated compliance officer, internal policies and controls, ongoing employee training, and independent testing (audit). These structural requirements apply to covered non-bank residential mortgage lenders and originators. Interest rates and compensation structure are unrelated to AML pillars.
Trích dẫn luật: Bank Secrecy Act / Anti-Money Laundering (FinCEN rules)Luyện miễn phí toàn bộ 400 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- After detecting activity that appears suspicious, within how many calendar days must a covered mortgage company generally file a Suspicious Activity Report?
- A borrower asks a loan officer directly whether the company filed a Suspicious Activity Report about his transaction. What is the loan officer permitted to do under the Bank Secrecy Act?
- A Currency Transaction Report (CTR) under the Bank Secrecy Act must generally be filed when a person conducts currency transactions exceeding what amount in a single business day?
- Under the Loan Originator Compensation Rule, a loan originator's compensation may NOT be based on which of the following?
- A loan originator is paid a commission by the borrower directly on a transaction. On that same transaction, the originator also wants to collect a commission from the lender. What does the LO Compensation Rule say about this?
- A loan originator has two loan products available for a qualified borrower. Product A pays the originator a higher commission but carries a higher rate; Product B is cheaper for the borrower. The originator directs the borrower to Product A to earn more. This practice is best described as:
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