AML Study

As an AML compliance officer, Mary must be on the watch for all of these potential elements in Money laundering schemes EXCEPT

A securities account with consistently routine activity

José possesses funds from illegal activities and he's making a deposit into his account at a security brokerage firm. Jose is engaging which of the following illegal activities.

placement

emily is a registered representative with abc brokerage firm. She notices that a client has been transferring funds in and out of different accounts both within emily's firm and in and out of accounts at other brokerage firms. Emily should

report this to her AML officer because it may be an indication that the client is engaged in money laundering phase layering.

Robert client is making a large Cash premium deposit into a single premium annuity. The bank secrecy act requires. Roberts, ensure to find a currency transaction report, if the deposit is greater than

10000

Jose possess funds from illegal activities and is making a deposit into his account at a securities brokerage firm. Jose is engaging in which of the following illegal activities?

Placement

Michael notice his client depositing illicit funds into a single premium deferred annuity. The client is engage in the money, laundering act of.

Placement

Which of these should raise kelsey's awareness of a potential suspicious activity

All of these should raise Kelsey's Awareness -Initial Large Wire Transfer -Opening account long way from client's residence -Won't tell origin of funds

All of the following statements about suspicious activity reports are correct, except

An insurer must notify the individual involved with the transaction that activity has been reported

Robert is a personal banker for the ABC bank trust company. It is difficult to fulfill his responsibilities of initial enforcement of anti-money, laundering controls, because

Private bankers, like Robert have a responsibility to develop a personal relationship with his clients and increase the deposit with the bank

Anthony, an insurance agent has he talked to a red flag activity what should Anthony do

Anthony should report the red flag activity to the appropriate AML compliance officer

Susan is the officer in a private banking division of a large regional bank. The most likely reason that she may not effectively fulfill her anti-money laundering responsibility because she.

Ass to fill conflicting rolEs

Money, laundering, involve attempts to

Consider the origin of proceeds of many crimes, such as I'm trafficking, securities, fraud, corruption, and insider trading

ABC insurance company has appointed James as is anti-money laundering compliance officer. James insures of the ABC company files SAR's because it is issued any of the following insurance contracts except.

Group annuity contracts

The second largest source of illegal fun involving the money laundering process is

Drug trafficking

Nancy the AML compliance officer of a financial planning firm has determined that is necessary to submit an SAR who should be the SAR be submitted to

FINCEN

The aml compliance officer for an insurance company observes unusual activity or behavior. Which of the following is true

Further investigation ma be required

Greg, an insurance agent suspect that a client has engage in a suspicious activity. All the following are true, except

Greg must file a SAR

John and Caron own a pizza business and have been combining funds from a friend's drug trafficking activities with legitimate pizza business revenues. Which of the following three money laundering steps does this describe?

Integration

Sally who is the AML compliance officer for the big brokerage firm has noticed that a client has been frequently moving money in and out of his accounts. Susan is suspicious that the client is engage in.

Layering

Which of the following is a Money laundering activity?

Layering, placement, integration all of these

What did the money laundering control act of 1986 do that give authorities more power to receive money laundering activities?

Made money laundering a felony

When opening a new account, Amy, the AML compliance officer of ABC securities, must compare the new clients name with a list of special vaccinated nationals SD ends. Where is the list of SDN maintained?

OFAC

Which of these maintain a list of specially designed nationals

OFAC

When is register representative of a security brokerage from notice a client husband, transferring funds from various sources into the clients account. The representative should.

Report this to her AML officer, because it may be an indication that the client is engaged in the money, laundering layering phase

which should not be part of cassandra's firm's know your customer guidelines

Take the customer's word for identification purposes

A Regular customer of the bank has recently made deposit of $13500, and Caroline, as the AML compliance officer of the bank, is aware that the source of the funds may be suspicious. What reports is the bank required to file

The Bank must file both a CTR and a SAR

Which of these is considered to be the foundation of all anti-money, laundering legislation

The bank secrecy act of 1970

In response to the terrorist attack of September 11, 2001

USA patriot is enacted expending earlier anti-money, laundering legislation

Your client has engage in a suspicious activity in your firm, has filed an SAR which of this is true,

You are prohibited from divergent any information regarding the report

A CTR is required all the following except

Your client pays 100,000 single premium annuity with a personal check

Matthew has engaged in a variety of illegal activity and is attempting to launder funds from them. Matthew with most likely use securities firms when

layering transactions

As the anti-money, laundry, and compliant manager for a brokenage form, Joanne must be consistently alerts to possibly layering transaction. All of these are examples of layering transactions, except

a cash deposit of 9500 to avoid the necessity of A CTR

Money launders often view the securities industry as a prime target for money laundering because of ll of these EXCEPT

most security firms do not accept cash

Wayne is an aml compliance officer for an insurance company. Before submitting a sar, wayne.

does not need proof that illegal activity has occured