Review Test Anti Money Laundry

What Acts give the Secretary of Treasury and the Attorney General power to issue a summons or subpoena for records of a foreign financial institution

Use Patriot act of 2001

which of the following are consequences of money laundering?

all of these

A currency transaction report is for reporting

any currency transaction greater than $10,000

Minimum standards a financial institution must follow to verify the identify of customers at account opening except to

check the persons name agains the FATF list

All of the following are essential components of a formal anti-money laundering program under the USA PATRIOT Act

employee training program, independent audit function, internal compliance officer

USA Patriot Act of 2001

gives Secretary of Treasury and the Attorney General power to issue a summons or subpoena

Mixing illicit and legal funds to purchase a new car is an example of

integration

mixing illicit and legal funds to purchase a new car is an example of

integration

Securities firms are most often used by money launderers to

layer transactions

using multiple complex financial transactions to obscure the source of illegal funds is called

layering

FinCen

organization of bureau of the Treasury Department that provides U.S policy makers with strategic analyses of domestic and worldwide money laundering development, trends, and patterns.

Money laundering would be

paying for an annuity with money made from selling drugs

surfing occurs during

placement

which of the following is the most dangerous step in the money laundering process

placement

which of the following sequences accurately reflects the money laundering process

placement, layering, integration

Financial professionals should consider

size of transaction relative to income 2. occupation 3. net worth

Structured transactions are also known as

smurfing

structured transactions are also known as

smurfing

The Bank Secrecy Act established all of the following

1. types of reporting requirements for large and suspicious transactions 2. records that must be kept on various transactions 3. monetary and criminal penalties for violating the Act

_ _ _ are minimum standards a financial institution must follow to verify the identify of customers at account opening

1.maintain records of the info used to verify the person's identity. 2. verify the identify of any person seeking to open account. 3. determine whether the person appears on any lists of terrorists provided

Represents principles of action that countries can implement according to their particular circumstances and constitutional frameworks and are designed to have universal application?

FATF's Forty Recommendations

OFAC

List of suspected terrorist organizations

What law made money laundering a crime

MLCA

Which of the following laws made money laundering a crime?

MLCA

List containing suspected or known terrorist organizations

OFAC

What represents principles of action that countries can implement according to their particular circumstances and constitutional frameworks and were designed to have universal application?

OFAC's Thirty-Nine Guidelines