AML Test Study Guide Questions & 100% Correct Answers- Latest Test | Graded A+ | Passed

Insurance companies are required to file SAR with: A) FBI B) IRS C) FATF D) FinCEN -:- D) FinCEN Which of the following insurance products are not covered by AML regulations? A) an annuity contract other than a group annuities contract B) whole life insurance C) universal life insurance D) term life insurance -:- D) term life insurance 2 0 2 4 / 2 0 2 5 | © copyright | This work may not be copied for profit gain | Excel! 2 | P a g e | G r a d e A + | 2 0 2 4 / 2 0 2 5 A money launderer decides to borrow the money against the whole life insurance policy purchased with illicit funds. This is an illustration of which money laundering phase? A) Placement B) Layering C) Integration D) None of the above -:- C) Integration A customer deposited $11,000 in cash into his bank account. The bank must file the following: A) CTR B) SAR C) Both D) None of the above -:- A) CTR 2 0 2 4 / 2 0 2 5 | © copyright | This work may not be copied for profit gain | Excel! 3 | P a g e | G r a d e A + | 2 0 2 4 / 2 0 2 5 A customer deposited $50,000 in cash into his bank account during the same day from multiple branches. The bank must file the following: A) CTR B) SAR C) Both D) None of the above -:- C) Both