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AML Exam (CE) Questions and Answers | Latest Version | 2024/2025 | Graded A+ $9.90   Add to cart

Exam (elaborations)

AML Exam (CE) Questions and Answers | Latest Version | 2024/2025 | Graded A+

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AML Exam (CE) Questions and Answers | Latest Version | 2024/2025 | Graded A+ What is the primary purpose of anti-money laundering (AML) laws? - To increase bank profits - To enhance customer experience - To prevent and detect money laundering and terrorist financing To ensure financial i...

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  • August 18, 2024
  • 11
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • AML Exm
  • AML Exm
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SterlingScores
AML Exam (CE) Questions and Answers
| Latest Version | 2024/2025 | Graded A+
What is the primary purpose of anti-money laundering (AML) laws?




- To increase bank profits

- To enhance customer experience

- To prevent and detect money laundering and terrorist financing


✔✔ To ensure financial integrity and compliance




What is one common method used by money launderers to obscure the origin of illicit funds?




- Investing in real estate


✔✔ Structuring transactions to avoid detection


- Purchasing high-value collectibles

- Using multiple bank accounts to deposit small amounts




What key document must financial institutions file when a transaction exceeds a certain

threshold?


1

, ✔✔ Currency Transaction Report (CTR)


- Suspicious Activity Report (SAR)

- Financial Action Task Force Report (FATF)

- Anti-Money Laundering Report (AMLR)




What is the main function of a Suspicious Activity Report (SAR)?




- To report large transactions


✔✔ To report suspicious or potentially illegal activity


- To document customer complaints

- To track routine business operations




How often should a financial institution’s AML program be reviewed and updated?




- Every 10 years

- Every 5 years


✔✔ Regularly, and as needed based on regulatory changes or identified risks


2

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