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Money Laundering Test Questions and Answers | Latest Version | 2024/2025 | Already Passed R192,73
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Money Laundering Test Questions and Answers | Latest Version | 2024/2025 | Already Passed
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Money Laundering Test Questions and Answers | Latest Version | 2024/2025 | Already Passed What is the primary method used to launder money through the layering stage? - Direct transfer of funds between accounts - Deposit of cash into bank accounts - Use of complex financial transaction...

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  • August 18, 2024
  • 38
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • money laundering test questions and answers late

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  • Money Laundering
  • Money Laundering

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Money Laundering Test Questions and
Answers | Latest Version | 2024/2025 |
Already Passed
What is the primary method used to launder money through the layering stage?




- Direct transfer of funds between accounts

- Deposit of cash into bank accounts


- ✔✔ Use of complex financial transactions to obscure the origins of the funds


- Purchase of high-value items with cash




Which of the following is a common red flag that might indicate money laundering activities?




- Regularly scheduled bank transactions


- ✔✔ Large, unexplained cash deposits or withdrawals


- Consistent monthly bill payments

- Frequent use of online banking services




1

,Which government agency is typically responsible for enforcing AML regulations in the United

States?




- Securities and Exchange Commission (SEC)

- Federal Bureau of Investigation (FBI)


- ✔✔ Financial Crimes Enforcement Network (FinCEN)


- Internal Revenue Service (IRS)




What is the purpose of a "know your customer" (KYC) policy?




- To establish customer creditworthiness


- ✔✔ To verify the identity of clients and understand their financial activities


- To offer customer loyalty programs

- To increase the bank's market share




What does the term "smurfing" refer to in the context of money laundering?




- ✔✔ Breaking down large sums of money into smaller, less suspicious amounts



2

,- Using fake identities to open multiple accounts

- Investing in high-risk financial instruments

- Transferring funds across multiple international borders




Which type of financial institution is commonly targeted for money laundering due to its high

volume of transactions?




- Insurance companies


- ✔✔ Money services businesses (MSBs)


- Credit unions

- Mortgage lenders




What is a common method used in trade-based money laundering?




- ✔✔ Over- or under-invoicing for goods and services


- Purchasing and reselling consumer goods

- Transferring funds through online payment platforms

- Using cash to buy precious metals



3

, What role do international financial regulations play in combating money laundering?




- They standardize banking operations globally

- They facilitate easier cross-border transactions


- ✔✔ They help create a consistent framework for monitoring and preventing money laundering


- They increase profits for financial institutions




What is a "shell company" often used for in money laundering schemes?




- To conduct legitimate business activities

- To manage large investment portfolios


- ✔✔ To conceal the true ownership and source of illicit funds


- To provide financial services to a wide range of clients




How can financial institutions mitigate the risk of money laundering through customer due

diligence?




4

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