AML Test Questions WITH CORRECT ANSWERS// Latest Updated
Version. Already Graded A+
terms in this set (34)
1. Material false statement
2. Knowledge that statement is false
What are the four elements of
3. Reliance on false statement
fraud?
4. Financial loss
What is the distinct difference Financial loss
between a fraud and an
attempted fraud?
What is the process of making Money laundering
illegally obtained proceeds
appear legal?
What two financial statements are Balance sheet & Income statement
usually provided by a business to
a financial institution when trying
to secure a business loan?
What is a financial statement Balance sheet
that summarizes a company's
assets, liabilities (what you own
and what you owe) plus the net
worth at a specific point in
time?
What is a financial statement that Income statement
reports a company's revenue and
expenses and
profit/loss over a specific period of
time?
What is a division of the United FINCEN (Financial Crimes Enforcement Network)
States Treasury Department whose
goal is to
prevent and punish criminals and
criminal networks that
participate in money
laundering?
, What is a report that US CTR (Currency Transaction Report)
financial institutions are
required to file for each deposit,
withdrawal or exchange of
currency in excess of $10,000?
What is a report that financial SAR (Suspicious Activity Report)
institutions must file following a
suspected incident of money
laundering, fraud or other
violation of the law?
What is a form that needs to be Form 8300
filed by any person in a trade or
business who receives more than
$10,000 in cash in a single
transaction or related transactions?
What is the central bank of the The Federal Reserve
United States, founded in 1913 to
provide the nation with a safe,
flexible and stable monetary
and financial system?
Who was the New York City hedge Bernie Madoff
fund manager who was arrested in
2008 and
subsequently plead guilty and
sentenced to 150 years in
prison for operating the
largest Ponzi scheme in financial
history?
Name the worlds largest anti-fraud ACFE (Association of Certified Fraud Examiners)
organization and premier provider
of anti- fraud training and
education.
Version. Already Graded A+
terms in this set (34)
1. Material false statement
2. Knowledge that statement is false
What are the four elements of
3. Reliance on false statement
fraud?
4. Financial loss
What is the distinct difference Financial loss
between a fraud and an
attempted fraud?
What is the process of making Money laundering
illegally obtained proceeds
appear legal?
What two financial statements are Balance sheet & Income statement
usually provided by a business to
a financial institution when trying
to secure a business loan?
What is a financial statement Balance sheet
that summarizes a company's
assets, liabilities (what you own
and what you owe) plus the net
worth at a specific point in
time?
What is a financial statement that Income statement
reports a company's revenue and
expenses and
profit/loss over a specific period of
time?
What is a division of the United FINCEN (Financial Crimes Enforcement Network)
States Treasury Department whose
goal is to
prevent and punish criminals and
criminal networks that
participate in money
laundering?
, What is a report that US CTR (Currency Transaction Report)
financial institutions are
required to file for each deposit,
withdrawal or exchange of
currency in excess of $10,000?
What is a report that financial SAR (Suspicious Activity Report)
institutions must file following a
suspected incident of money
laundering, fraud or other
violation of the law?
What is a form that needs to be Form 8300
filed by any person in a trade or
business who receives more than
$10,000 in cash in a single
transaction or related transactions?
What is the central bank of the The Federal Reserve
United States, founded in 1913 to
provide the nation with a safe,
flexible and stable monetary
and financial system?
Who was the New York City hedge Bernie Madoff
fund manager who was arrested in
2008 and
subsequently plead guilty and
sentenced to 150 years in
prison for operating the
largest Ponzi scheme in financial
history?
Name the worlds largest anti-fraud ACFE (Association of Certified Fraud Examiners)
organization and premier provider
of anti- fraud training and
education.
