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Which of the following is not a common element in money laundering schemes? - Answer- A bank account with consistently routine activity Which of the following sequences accurately reflects the money laundering process? - Answer- Placement, layering, integration All of the following are minimum...

1. The information an insurance agent must collect for customer identification purposes depends on a. the amount of money the customer is worth. b. The amount of money the customer spends. c. whether the insurance product the customer is purchasing at a low or high risk for money laundering. d. ...

Brad is an agent working with a large general agency. He has just saw a very large life insurance policy to a client who is later discovered to be part of a terrorist network. And restaurant back to the same of this life policy could be viewed as which of the following - Answer- Placement All of ...

What are the four elements of fraud? - Answer- 1. Material false statement 2. Knowledge that statement is false 3. Reliance on false statement 4. Financial loss What is the distinct difference between a fraud and an attempted fraud? - Answer- Financial loss What is the process of making ill...

The Office of Foreign Assets Control (OFAC) is allowed to impose sanctions against certain foreign countries. A. True B. False - Answer- A. True The Financial Action Task Force (FATF) is best known for what? A. Passing EU-Wide laws and policies on AML B. Issuing AML/CTF recommendations for co...

Describe the three phases of money laundering. - Answer- • Placement is the physical disposal of cash or other assets derived from criminal activity. • Layering is the separation of illicit proceeds from their source by layers of financial transactions intended to conceal the origin of the proce...

Which of the following forms does a US citizen have to file for having a foreign bank account with a balance of $10,000 or more? - Answer- FBAR The first known case of money laundering in the insurance industry was reported in - Answer- 2002 The insurance industry is most vulnerable to money l...

The Office of Foreign Assets Control (OFAC) is allowed to impose sanctions against certain foreign countries. A. True B. False - Answer- A The Financial Action Task Force (FATF) is best known for what? A. Passing EU-Wide laws and policies on AML B. Issuing AML/CTF recommendations for countrie...

According to the AML/CTF risk categories _____ customers may include politically exposed persons or certain types of money services businesses or cash intensive businesses. a. Prohibited b. High Risk c. Medium Risk d. Low Risk - Answer- b. High risk When assessing the money laundering risks o...

All of the following are methods that law enforcement may use to request information from a financial institution during the course of a criminal investigation EXCEPT - Answer- Asking an AML officer to hand over all account records of the targeted suspect A financial institution may initiate inve...