AML Test Questions with correct
answers
What are the four elements of fraud? - .......ANSWERS 🔷🖊✔✔1. Material false
statement
2. Knowledge that statement is false
3. Reliance on false statement
4. Financial loss
What is the distinct difference between a fraud and an attempted fraud?
- .......ANSWERS 🔷🖊✔✔Financial loss
What is the process of making illegally obtained proceeds appear legal?
- .......ANSWERS 🔷🖊✔✔Money laundering
What two financial statements are usually provided by a business to a financial
institution when trying to secure a business loan? - .......ANSWERS 🔷🖊✔✔Balance
sheet & Income statement
What is a financial statement that summarizes a company's assets, liabilities (what
you own and what you owe) plus the net worth at a specific point in time?
- .......ANSWERS 🔷🖊✔✔Balance sheet
What is a financial statement that reports a company's revenue and expenses and
profit/loss over a specific period of time? - .......ANSWERS 🔷🖊✔✔Income statement
What is a division of the United States Treasury Department whose goal is to
prevent and punish criminals and criminal networks that participate in money
laundering? - .......ANSWERS 🔷🖊✔✔FINCEN (Financial Crimes Enforcement
Network)
, What is a report that US financial institutions are required to file for each deposit,
withdrawal or exchange of currency in excess of $10,000? - .......ANSWERS 🔷🖊
✔✔CTR (Currency Transaction Report)
What is a report that financial institutions must file following a suspected incident of
money laundering, fraud or other violation of the law? - .......ANSWERS 🔷🖊✔✔SAR
(Suspicious Activity Report)
What is a form that needs to be filed by any person in a trade or business who
receives more than $10,000 in cash in a single transaction or related transactions? -
.......ANSWERS 🔷🖊✔✔Form 8300
What is the central bank of the United States, founded in 1913 to provide the nation
with a safe, flexible and stable monetary and financial system? - .......ANSWERS
🔷🖊✔✔The Federal Reserve
Who was the New York City hedge fund manager who was arrested in 2008 and
subsequently plead guilty and sentenced to 150 years in prison for operating the
largest Ponzi scheme in financial history? - .......ANSWERS 🔷🖊✔✔Bernie Madoff
Name the worlds largest anti-fraud organization and premier provider of anti-fraud
training and education. - .......ANSWERS 🔷🖊✔✔ACFE (Association of Certified Fraud
Examiners)
Name the largest international membership organization dedicated to enhancing
the knowledge, skills and expertise of AML/CTF and financial crime detection and
prevention professionals. - .......ANSWERS 🔷🖊✔✔ACAMS (Association of Certified
Anti-Money Laundering Specialists)
The 4 primary institution regulators are: - .......ANSWERS 🔷🖊✔✔1. NCUA (National
Credit Union Administration)
2. FDIC (Federal Deposit Insurance Corporation)
3. The Federal Reserve
4. OCC (Office of the Comptroller of Currency)
answers
What are the four elements of fraud? - .......ANSWERS 🔷🖊✔✔1. Material false
statement
2. Knowledge that statement is false
3. Reliance on false statement
4. Financial loss
What is the distinct difference between a fraud and an attempted fraud?
- .......ANSWERS 🔷🖊✔✔Financial loss
What is the process of making illegally obtained proceeds appear legal?
- .......ANSWERS 🔷🖊✔✔Money laundering
What two financial statements are usually provided by a business to a financial
institution when trying to secure a business loan? - .......ANSWERS 🔷🖊✔✔Balance
sheet & Income statement
What is a financial statement that summarizes a company's assets, liabilities (what
you own and what you owe) plus the net worth at a specific point in time?
- .......ANSWERS 🔷🖊✔✔Balance sheet
What is a financial statement that reports a company's revenue and expenses and
profit/loss over a specific period of time? - .......ANSWERS 🔷🖊✔✔Income statement
What is a division of the United States Treasury Department whose goal is to
prevent and punish criminals and criminal networks that participate in money
laundering? - .......ANSWERS 🔷🖊✔✔FINCEN (Financial Crimes Enforcement
Network)
, What is a report that US financial institutions are required to file for each deposit,
withdrawal or exchange of currency in excess of $10,000? - .......ANSWERS 🔷🖊
✔✔CTR (Currency Transaction Report)
What is a report that financial institutions must file following a suspected incident of
money laundering, fraud or other violation of the law? - .......ANSWERS 🔷🖊✔✔SAR
(Suspicious Activity Report)
What is a form that needs to be filed by any person in a trade or business who
receives more than $10,000 in cash in a single transaction or related transactions? -
.......ANSWERS 🔷🖊✔✔Form 8300
What is the central bank of the United States, founded in 1913 to provide the nation
with a safe, flexible and stable monetary and financial system? - .......ANSWERS
🔷🖊✔✔The Federal Reserve
Who was the New York City hedge fund manager who was arrested in 2008 and
subsequently plead guilty and sentenced to 150 years in prison for operating the
largest Ponzi scheme in financial history? - .......ANSWERS 🔷🖊✔✔Bernie Madoff
Name the worlds largest anti-fraud organization and premier provider of anti-fraud
training and education. - .......ANSWERS 🔷🖊✔✔ACFE (Association of Certified Fraud
Examiners)
Name the largest international membership organization dedicated to enhancing
the knowledge, skills and expertise of AML/CTF and financial crime detection and
prevention professionals. - .......ANSWERS 🔷🖊✔✔ACAMS (Association of Certified
Anti-Money Laundering Specialists)
The 4 primary institution regulators are: - .......ANSWERS 🔷🖊✔✔1. NCUA (National
Credit Union Administration)
2. FDIC (Federal Deposit Insurance Corporation)
3. The Federal Reserve
4. OCC (Office of the Comptroller of Currency)
