What does the term "anti-money laundering" mean?
a. any new form of money laundering that law enforcement has not seen before
b. a version of money laundering that bypasses the layering stage
c. the process of diverting laundered money into government hands
d. the collective laws, company programs, and enforcement initiatives intended to
detect, report, and deter money laundering
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d. the collective laws, company programs, and enforcement initiatives
intended to detect, report, and deter money laundering
What is the USA PATRIOT Act based primarily on?
a. the Civil Rights Act of 1964
b. the Bank Secrecy Act of 1970
,c. the Fair Credit Reporting Act of 1972
d. the American Jobs Creation Act of 2004
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b. the Bank Secrecy Act of 1970
All of the following are required elements of an insurance company's AML program
EXCEPT:
a. designating an AML compliance officer
b. certifying every employee and appointed producer with FinCEN
c. maintaining an ongoing training program
d. periodically testing the AML program through independent audit
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b. certifying every employee and appointed producer with FinCEN
That's correct! The USA PATRIOT Act requires companies to develop and
implement an AML program, designate an AML compliance officer,
maintain an ongoing training program, and periodically test the AML
program through an independent audit. While employees and appointed
producers are expected to know and comply with a company's AML
program, they are not required to receive FinCEN (or any other)
certification.
Factors that producers should consider when determining if an application raises a
red flag include all of the following EXCEPT:
a. the source of the premium or deposit payment
b. the size of the commission that might be earned on the transaction
, c. the geographical location of the person requesting the transaction
d. transaction history involving this customer or this policy
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b. the size of the commission that might be earned on the transaction
That's correct! The source of the premium, geographical location of the
person or entity requesting the transaction, and transaction history are all
factors that may raise a red flag. The potential commission is irrelevant
when determining the need to file an SAR.
Which of the following statements regarding terrorist financing is not correct?
a. Money laundering is used to hide the origin of funds that support terrorist
financing.
b. Money laundering provides a significant share of the funds used in terrorist
financing.
c. Insurance companies are expected to screen transactions for suspicious activity
possibly related to terrorist financing as well as suspicious activity relating to money
laundering.
d. Protection against terrorist financing is implied, but not directly addressed, in the
USA PATRIOT Act.
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d. Protection against terrorist financing is implied, but not directly
addressed, in the USA PATRIOT Act
What is the basic objective of money laundering?
a. to increase the value of illegal funds
b. to convert foreign funds into U.S. dollars
c. to cleanse bacteria and other pathogens from currency
d. to integrate illicit funds into the legal monetary system
a. any new form of money laundering that law enforcement has not seen before
b. a version of money laundering that bypasses the layering stage
c. the process of diverting laundered money into government hands
d. the collective laws, company programs, and enforcement initiatives intended to
detect, report, and deter money laundering
Give this one a try later!
d. the collective laws, company programs, and enforcement initiatives
intended to detect, report, and deter money laundering
What is the USA PATRIOT Act based primarily on?
a. the Civil Rights Act of 1964
b. the Bank Secrecy Act of 1970
,c. the Fair Credit Reporting Act of 1972
d. the American Jobs Creation Act of 2004
Give this one a try later!
b. the Bank Secrecy Act of 1970
All of the following are required elements of an insurance company's AML program
EXCEPT:
a. designating an AML compliance officer
b. certifying every employee and appointed producer with FinCEN
c. maintaining an ongoing training program
d. periodically testing the AML program through independent audit
Give this one a try later!
b. certifying every employee and appointed producer with FinCEN
That's correct! The USA PATRIOT Act requires companies to develop and
implement an AML program, designate an AML compliance officer,
maintain an ongoing training program, and periodically test the AML
program through an independent audit. While employees and appointed
producers are expected to know and comply with a company's AML
program, they are not required to receive FinCEN (or any other)
certification.
Factors that producers should consider when determining if an application raises a
red flag include all of the following EXCEPT:
a. the source of the premium or deposit payment
b. the size of the commission that might be earned on the transaction
, c. the geographical location of the person requesting the transaction
d. transaction history involving this customer or this policy
Give this one a try later!
b. the size of the commission that might be earned on the transaction
That's correct! The source of the premium, geographical location of the
person or entity requesting the transaction, and transaction history are all
factors that may raise a red flag. The potential commission is irrelevant
when determining the need to file an SAR.
Which of the following statements regarding terrorist financing is not correct?
a. Money laundering is used to hide the origin of funds that support terrorist
financing.
b. Money laundering provides a significant share of the funds used in terrorist
financing.
c. Insurance companies are expected to screen transactions for suspicious activity
possibly related to terrorist financing as well as suspicious activity relating to money
laundering.
d. Protection against terrorist financing is implied, but not directly addressed, in the
USA PATRIOT Act.
Give this one a try later!
d. Protection against terrorist financing is implied, but not directly
addressed, in the USA PATRIOT Act
What is the basic objective of money laundering?
a. to increase the value of illegal funds
b. to convert foreign funds into U.S. dollars
c. to cleanse bacteria and other pathogens from currency
d. to integrate illicit funds into the legal monetary system
