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AML EXAM QUESTIONS AND ANSWERS
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Which of the following statements best describes the money laundering process? - Answer- Illegal money is converted to seemingly legal money. Which stage of the money laundering process involves carrying out a series of financial transactions to hide the illicit source of the funds? - Answer- La...

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  • April 13, 2023
  • 4
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

Subjects

  • aml exam questions and answers
  • which of the following statements best describes the money laundering process
  • which stage of the money laundering process involves carrying out a series of financial tr

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  • AML
  • AML

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AML EXAM QUESTIONS AND ANSWERS
Which of the following statements best describes the money laundering process? - Answer- Illegal money is converted to seemingly legal money.
Which stage of the money laundering process involves carrying out a series of financial transactions to hide the illicit source of the funds? - Answer- Layering
Depositing illicit money in a financial institution is an example of - Answer- Placement
Integration occurs when - Answer- illegal money is mixed with legitimate business earnings
Which of the following is the international standard for combating money laundering activities? - Answer- The FATF's Forty Recommendations
Which of the following is NOT a basic requirement for anti-money laundering programs?
- Answer- Compliance with FATF's Nine Special Recommendations on Terrorist Financing
Basic requirements of anti-money laundering programs include: - Answer- development of policies, procedures, and internal controls designed to detect and prevent money laundering; designation of an executive-level internal compliance officer; creation of an employee training program; and development of an independent audit function.
A suspicious activity report (SAR) must be filed on any transaction that involves at least how much in funds or other assets? - Answer- $5,000
A Currency Transaction Report (CTR) - Answer- is generally required when an insurer receives more than $10,000 in cash in one transaction or in two or more related transactions.
Why are agents and brokers not individually or independently required to create their own anti-money laundering programs? - Answer- Insurers are in the best position to maintain AML programs.
AML programs must focus on covered insurance products because - Answer- they are likely to present a higher degree of risk for money laundering.
Which of the following is NOT a core component of the AML program requirement? - Answer- Membership in the FATF.
three items are identified as core components of the AML program requirement. - Answer- the program must be in writing, approved by senior management, and made available to the US Treasury Department upon request.

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