aml exam Questions with 100% Correct Answers | Updated & Verified
141 views 1 purchase
Course
Aml
Institution
Aml
In the first stage of money laundering what is the goal?
a. distance yourself from the money
b. get the money into the financial system
c. make it appear that the money is legitimate
d. purchase high-end goods - ️️b
What is the process in the second stage of money laundering?
a. sending...
In the first stage of money laundering what is the goal? a. dista nce yourself from the money b. get the money into the financial system c. make it appear that the money is legitimate d. purchase high -end goods - ✔ ✔ b What is the process in the second stage of money laundering? a. sending money between accounts so the audit trail is obscured b. bribing bank officials to take the money c. investing the money into legitimate business operations d. depositing the money into a bank account - ✔ ✔ a What are the three things that might be done during the course of launderin g money? a. depositing money into a bank account b. underpaying taxes c. buying high -end goods d. sending money abroad - ✔ ✔ a,c,d What is the ultimate purpose of money laundering? a. to make it appear that the funds are legitimate b. to invest money in y our business c. to invest in high -end luxury goods d. to buy more drugs - ✔ ✔ a Why is a payable through account vulnerable to money laundering? a. it can be very difficult to conduct due diligence on the foreign institution customers who are ultimately using these accounts b. these are concentration accounts located in a domestic branch of a foreign bank c. these are nested correspondent accounts at a foreign shell bank with customers with whom the domestic bank did not exercise due diligence d. these are master escrow accounts on which a domestic bank generally does not conduct periodic verification - ✔ ✔ a In which three areas can money launderi ng occur? a. in luxury hotels b. in payable through accounts c. in correspondent accounts d. in bank accounts - ✔ ✔ b,c,d Accepting money derived from illegal sources makes you an accomplice to money laundering. a. no b. yes - ✔ ✔ b Financial institution s that rely on the proceeds of crime face all of the following adverse consequences of money laundering, EXCEPT: a. diversification risks b. reputational risks c. operational risks d. legal risks - ✔ ✔ a
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller jackline98. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $6.49. You're not tied to anything after your purchase.
