AML Test Study Guide Questions and Answers | Latest Version | 2024/2025 | Rated A+
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Module
AML Study
Institution
AML Study
AML Test Study Guide Questions and
Answers | Latest Version | 2024/2025 |
Rated A+
What is a key objective of anti-money laundering (AML) programs in financial institutions?
- To increase transaction volumes
- To simplify customer onboarding processes
To detect and prevent money launde...
AML Test Study Guide Questions and
Answers | Latest Version | 2024/2025 |
Rated A+
What is a key objective of anti-money laundering (AML) programs in financial institutions?
- To increase transaction volumes
- To simplify customer onboarding processes
✔✔ To detect and prevent money laundering and terrorist financing
- To expand global market reach
Which of the following is considered a red flag for potential money laundering activity?
- Regular deposits of small amounts of cash
- Transactions with known business partners
✔✔ Large, unusual transactions that are inconsistent with a customer’s known profile
- Routine transfers between domestic accounts
What is the purpose of a "know your customer" (KYC) process?
1
, - To improve customer service
- To enhance marketing strategies
✔✔ To verify the identity of clients and understand their financial activities
- To streamline loan approval processes
Which regulatory body is responsible for enforcing AML regulations in the United States?
- The Federal Reserve
- The Securities and Exchange Commission (SEC)
✔✔ The Financial Crimes Enforcement Network (FinCEN)
- The Federal Trade Commission (FTC)
What is the main benefit of implementing a risk-based approach in AML compliance?
- To reduce operational costs
- To speed up customer onboarding
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