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Question No : 1
An anti-money laundering specialist at a financial institution has received a legal request to provide all transaction records for a specific individual since 2004. Which three items should be delivered?
A. Monthly statements and transaction activities for that individual since 2004
B. All wire transfer for that individual since 2004
C. All security trading activities for that individual since 2004
D. Signature cards from accounts opened by that individual since 2004
Answer: A, B, C
Question No : 2
A prospective AML officer comes highly recommended by a bank¡¯s up-stream correspondent institution of similar size and make-up, located in a different city in the same country. The bank is interested in hiring the individual. What should be the next step taken by the Board of Directors?
A. Do a thorough background check
B. Confer with its regulatory agency to determine whether it is appropriate to hire the person
C. Hire the individual, relying on the recommendation of its correspondent
D. Hire the individual on a probationary basis so that the institution can determine if the individual is sufficiently experienced and capable
Question No : 3
Which type of transactions present the highest risk?
A. Wire transfers from a publicly listed company
B. Payroll payments
C. Social insurance payments
D. Foreign exchanges
Question No : 4
What should a bank focus on to ensure on-going compliance with its AML program?
A. It should ensure that it develops and provides on-going targeted training of all current and new employees
B. It should subject all new employees to criminal background checks before being hired
C. It should review and update its transaction monitoring system
D. It should ensure that the regulators have reviewed and have approved the bank¡¯s AML program
Question No : 5
Which three statements are true regarding the extraterritorial reach of laws and legislation of the U.S.?
A. The criminal anti-money laundering law can apply to transactions that occur partially overseas
B. Economic and trade sanctions by OFAC may pose extraterritorial risks for financial institutions and businesses outside the U.S.
C. The extraterritorial reach covers all transactions throughout the global economy
D. The defendant does not need to know the funds came from an illegal activity under state, federal or foreign law
Answer: A, B, D
Question No : 6
According to experts, what is the most effective way to prevent money laundering through financial institutions?
A. Ensuring that transaction monitoring systems can identify terrorist financing
B. Collecting information on beneficial owners and foreign customers
C. Instituting a policy prohibiting the acceptance of funds intended for terrorist financing
D. Implementing a sound customer due diligence program
Question No : 7
Which two aspects of the security broker dealer industry increase its exposure to money laundering? Choose 2 answers
A. The routine use of wire transfers from, to or through multiple jurisdictions
B. They easy conversion of holdings to cash with significant loss of principal
C. Disposing of cash through securities purchases
D. Fast paced transactions conducted electronically
Answer: C, D
Question No : 8
An anti-money laundering specialist at a large institution is responsible for information senior management about the status of the anti-money laundering program across the organization.
Which report is the most useful?
A. The total credit exposure for non-cooperative countries and territories
B. Results of related audits and examinations
C. Details on inquires received from law enforcement
D. Notification of management changes in the different major divisions
Question No : 9
In which type of banking transaction is price manipulation, as a form of money laundering, a common practice?
A. Redeeming an annuity
B. Sending a wire transfer
C. Issuing a letter of credit
D. Subscribing to a cash management account
Question No : 10
To ensure that an institution¡¯s anti-money laundering program is current, which step should be taken?
A. The program should be evaluated and updated at least every six months be the Board of
B. The program should be reviews by a federal law enforcement officer for gaps in controls
C. The program should be sent to the institution¡¯s government regulator on a periodic basis
D. The program should be reassessed at least annually
Question No : 11
What is the term for trading through multiple accounts, where an individual generates offsetting profits and losses and transfers of positions through accounts that do not appear to be commonly controlled?
A. Ponzi scheme
B. Market Manipulation
C. Net Trading
D. Wash Trading
Question No : 12
What is the result of an increased awareness of the potential for gatekeepers to assist in money laundering in recent years?
A. The IMF has raised the profile of gatekeepers, requiring that countries regulate them
B. Lawyers who represent money launderers can more easily be prosecuted
C. Accountants are no longer considered gatekeepers, since they are not permitted to set up companies or trusts
D. The FATF recommendations cover lawyers performing financial transactions
Question No : 13
What should senior management do in order to promote a culture of anti-money laundering compliance?
A. They should include compliance with AML procedures as condition of employment
B. They should attend all training sessions with front-line employment
C. They should have close ties with the independent auditors of the AML program
D. They should base employee compensation on the amount of suspicious activity they detect
Question No : 14
What is a criterion for FATF membership?
A. The country should be democracy
B. The country should be a member of a FATF-style regional body
C. The country should have already implemented all of the FATF Recommendations
D. The country should have already implemented the standards of the European Union Directives
Question No : 15
Which three characteristics make non-profit organizations vulnerable to misuse for terrorist financing?
A. Enjoying the public trust
B. Having access to a considerable sources of funds
C. Being listed as government nonprofit organization
D. Having a global presence for national and international operations and financial transactions
Answer: A, B, D
Question No : 16
According to the Second European Union Money Laundering Directive, what may knowledge of criminal conduct be inferred from?
A. Subjective, factual circumstances
B. Objective, factual circumstances
C. Objective, non-factual circumstances
D. Subjective, non-factual circumstances
Question No : 17
Which three are examples of best practices terms of ensuring an adequate AML program?
A. Engage an independent party to perform a periodic review of the program
B. Review applicable domestic and international AML guidance
C. Perform a risk analysis on a regular basis and compare it to the coverage of the AML program
D. Review the accuracy of account opening applications
Answer: B, C, D
Question No : 18
How do drug traffickers and other criminals use the fine art industry to disguise illicit proceeds?
A. They use forged or fraudulent invoicing of priceless works of art by auction houses
B. They commingle legitimate and illicit proceeds by principals for payment of fine art
C. They immediately resell priceless works of art after purchase from a foreign auction house
D. They use anonymous agents to buy the art and have the payment wired from offshore havens
Question No : 19
How do payable through accounts (PTAs) differ from normal foreign correspondent accounts?
A. The customers do not have to worry about sanctions list screening such as OFAC
B. The customers have the ability to directly control funds at the correspondent bank
C. The customers can contact the correspondent bank directly to send wire transfers
D. The customers can hide their identity through the use of cover payments in U.S. dollars
Question No : 20
In some instances, a financial institution may receive a warrant from law enforcement authorities to search its premises. A search warrant is a grant of permission from a court for a law enforcement agency to search certain designated premises and seize specific categories of items or information. Generally, what is the required threshold for the requesting agency to establish in order to obtain a search warrant of a financial institution?
A. Reasonable belief
B. Probable cause
C. A preponderance of the evidence
D. Clear and convincing proof
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