In the context of Compliance Programs and Controls, which of the following statements best describes the purpose of an organizational overview of financial crime controls?

A hacker gains access to aclient’semail. The hacker, posing as the client contacts the real client's financial advisor and requests a wire transfer of S50,000 The advisor sells stock to generate cash and wires the funds to the account at ABC Bank provided by the hacker Has money laundering occurred?

An internal auditor is conducting a quality assurance review of sales results and records for a large U.S. based aerospace and defense contracting firm The auditor has been tasked with reviewing the recordsofsales departments in several countries because the company has raised concerns over accounting discrepancies and possible issues with inflated sales figures. In the records of one sales department the auditor documents an unusually high number of returnsofairplane parts. These returns come from purchasers who executed sales contracts only to invoke right of return shortly afterwards. Upon reviewing thesesales contracts,the auditor cannot find specific provisions regarding right of return for purchasers. Given this information which is the MOST likely conclusion the internal auditor will make?

Recently your database of customer records was compromised and hundreds of thousands of customer's personal data was stolen Based on the feedback from your customers you have surmised that the following occurred. • Using the stolen customer information a personalized email was sent to all of the customers Irom the criminals with a significant amount of personal information in them to appear legitimate directing them to a fake website mimicking yours • That fake website captured logins and passwords from customers for later use • The criminals then used the logins and passwords to wire funds from those accounts to offshore accounts that they controlled Which type of attack is this?

During a risk assessment of its customer onboarding process, a financial institution identifies a lack of adequate procedures for verifying the beneficial ownership of corporate clients. What is the most appropriate action for the institution to take to address this deficiency?