AML 1

AML 1

Professional Development

10 Qs

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AML 1

AML 1

Assessment

Quiz

Professional Development

Professional Development

Practice Problem

Medium

Created by

MUJIB MUNDEWADI

Used 4+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which red flag should a compliance officer prioritize first for investigation?

A loan is paid off in full with cash after the sale of the vehicle that was used as collateral for the loan.

Several cross-border transfers are received and immediately wired to another beneficiary.

A customer has 20 monthly transactions that are repetitive but less than $500 USD per transaction.

A convenience store cashes government checks for its customers in amounts less than $1,000 USD per day.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The main purpose of the US Treasury Department for OFAC's extraterritorial reach is to:

accomplish the foreign policy and national security goals of the US.

defend the US against questionable trade practices of its economic rivals.

protect allied nations of the US from the economic threats of non-allied nations.

align OFAC's and other countries' extraterritorial reach requirements.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A SAR/STR should be filed when the accountable institution identifies that:

a customer makes a cash deposit in round dollars.

cash transactions have values which avoid reporting thresholds.

an alert is generated by a transaction monitoring system.

an employee is not clearing alerts in a timely manner.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which key factor would result in the decision for a financial institution (FI) to exit a client
relationship?

After assessing all risk factors the level of residual client risk exceeds the FI's risk appetite.

The client is a registered charity known to remit funds to high risk geographies where there is limited due diligence information available.

Closing the client accounts will help reduce the number of transaction monitoring alerts.

Client transactions generate ongoing transaction monitoring alerts that did not result in any SAR/STR filings.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Financial institutions (FIs) perform AML risk assessments to ensure:

a record for regulators indicating an AML risk assessment was completed at least once.

internal audit assurance that all AML-related policy and procedures are board approved.

satisfaction of the board of directors' approved risk appetite.

proper controls surrounding higher-risk products, services, customers, and geographic locations.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What national agency is responsible for analyzing and assessing the information it receives to
substantiate possible existence of money laundering or terrorist financing activities?

The Financial Intelligence Unit (FIU)

FATF

The Basel Committee

The Wolfsberg Group

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which private banking situation requires due diligence actions to be implemented according to the
AML principles of the Wolfsberg group?

A local wealthy individual wants to become a customer of a local retail bank.

A beneficial owner of an exchange house wants to open an account with the bank.

A wealthy individual from a high-risk country wants to open an account with a private bank.

A new customer asks to set up an exchange house using the bank as the correspondent.

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