AML Certification Practice | QUE & ANSW 2023
UPDATED
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 standards a financial institution must follow to verify the identify of
customers at account opening EXCEPT to - ANSWER- Check the person's name against the FATF list
Financial professionals should consider all of the following in any transaction with a client EXCEPT -
ANSWER- Number of dependents
Financial Institutions are required to trace the source of all funds belonging to foreign persons or
institutions when - ANSWER- A primary money laundering concern has been identified
All of the following are essential components of a formal Anti-Money laundering program under the USA
PATRIOT Act EXCEPT a(n) - ANSWER- Program coordinator with FATF
Treasury Department that provides U.S. policy markers with strategic analysis of domestic and worldwide
money laundering developments, trends, and patterns? - ANSWER- FinCEN
Which of the following laws made money laundering a crime? - ANSWER- MLCA
Which of the following is money laundering? - ANSWER- Paying for an annuity with money made from
selling drugs
Which of the following are consequences of money laundering? - ANSWER- All of these
, Which of the following Acts gives the Secretary of Treasury and the Attorney General power to issue a
summons or subpoena for records of a foreign financial institution that maintains a correspondent
account in the United States? - ANSWER- USA PATRIOT Act of 2001
Which of the following is NOT a step in the money laundering process? - ANSWER- Replacement
The Bank Secrecy Act established all of the following EXCEPT - ANSWER- 40 recommendations for
countermeasures against money laundering
Which of the following is responsible for administration of the bank secrecy act? - ANSWER- The financial
crimes enforcement network
Which of the following represents principles of action that countries can implement according to their
particular circumstances and constitutional frameworks and were designed to have universal
application? - ANSWER- FATF's Forty Recommendations
The USA patriot act associated money laundering with which of the following for the first time? -
ANSWER- Terrorism
Which of the following maintains a list of known or suspected terrorist organizations? - ANSWER- OFAC
Which of the following is the most dangerous stuff in the money laundering process? - ANSWER-
Placement
Using multiple complex financial transactions to help secure the source of the legal funds is called -
ANSWER- Layering
Mixing illicit And legal funds to purchase a new car is an example of - ANSWER- Integration
Structured transactions are also known as - ANSWER- Smurfing
UPDATED
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 standards a financial institution must follow to verify the identify of
customers at account opening EXCEPT to - ANSWER- Check the person's name against the FATF list
Financial professionals should consider all of the following in any transaction with a client EXCEPT -
ANSWER- Number of dependents
Financial Institutions are required to trace the source of all funds belonging to foreign persons or
institutions when - ANSWER- A primary money laundering concern has been identified
All of the following are essential components of a formal Anti-Money laundering program under the USA
PATRIOT Act EXCEPT a(n) - ANSWER- Program coordinator with FATF
Treasury Department that provides U.S. policy markers with strategic analysis of domestic and worldwide
money laundering developments, trends, and patterns? - ANSWER- FinCEN
Which of the following laws made money laundering a crime? - ANSWER- MLCA
Which of the following is money laundering? - ANSWER- Paying for an annuity with money made from
selling drugs
Which of the following are consequences of money laundering? - ANSWER- All of these
, Which of the following Acts gives the Secretary of Treasury and the Attorney General power to issue a
summons or subpoena for records of a foreign financial institution that maintains a correspondent
account in the United States? - ANSWER- USA PATRIOT Act of 2001
Which of the following is NOT a step in the money laundering process? - ANSWER- Replacement
The Bank Secrecy Act established all of the following EXCEPT - ANSWER- 40 recommendations for
countermeasures against money laundering
Which of the following is responsible for administration of the bank secrecy act? - ANSWER- The financial
crimes enforcement network
Which of the following represents principles of action that countries can implement according to their
particular circumstances and constitutional frameworks and were designed to have universal
application? - ANSWER- FATF's Forty Recommendations
The USA patriot act associated money laundering with which of the following for the first time? -
ANSWER- Terrorism
Which of the following maintains a list of known or suspected terrorist organizations? - ANSWER- OFAC
Which of the following is the most dangerous stuff in the money laundering process? - ANSWER-
Placement
Using multiple complex financial transactions to help secure the source of the legal funds is called -
ANSWER- Layering
Mixing illicit And legal funds to purchase a new car is an example of - ANSWER- Integration
Structured transactions are also known as - ANSWER- Smurfing
