IT- Anti- Money Laundering Laws and Practices ACTUAL
COMPLETE EXAM|WITH ACCURATE QUESTIONS AND
VERIFIED ANSWERS|GRADED A
3 Stages of Money Laundering: Ans✓✓✓ Stage 1: Placement
- The first stage in cleaning illicit funds is placing them in the laundering
system with little or no effort to disguise their illegal origins
Stage 2: Layering
- The layering stage is where launderers attempt to conceal the source of
the funds or assets, in order to make them harder to detect
Stage 3: Integration
- Integration is when illegal funds are commingled with legitimate funds.
The funds would then appear to be legal from the standpoint of detection
A Currency Transaction is for reporting... Ans✓✓✓ Any currency
transaction greater than $10,000
All of the following make the insurance industry susceptible to money
launderers except... Ans✓✓✓ Insurance companies are exempt from
compliance with the US Patriot Act
An electronic transaction via the internet or through an encrypted card
that has a monetary value that is tracked by a microchip is... Ans✓✓✓ A
cyber-payment
Bank Secrecy Act: Ans✓✓✓ Established reporting requirenments
, Financial Institutions are required to trace the source of all funds
belonging to foreign persons or institutions when... Ans✓✓✓ A primary
money laundering concern has been identified
Financial Professionals should consider all of the following in any
transaction with a client EXEPT... Ans✓✓✓ Number of dependents
Gramm-Leach Bliley Act: Ans✓✓✓ Requires a financial institution to
inform customers of its privacy policies.
If a financial firm is unable to retrieve or produce all required
information for a wire transfer, the firm is in violation of... Ans✓✓✓
The Joint Rule
If the identity of a person conducting a suspicious activity is not known,
how long does a financial institution have to file an SAR? (Suspicious
Activity Report). Ans✓✓✓ 60 Days
Integration: Ans✓✓✓ Integration occurs when illegal money is mixed
with legitimate business earnings.
Layering Phase: Ans✓✓✓ During the layering phase, money launderers
separate the proceeds from their illegal sources by using multiple
complex financial transactions to obscure the audit trail and hide the
proceeds.
COMPLETE EXAM|WITH ACCURATE QUESTIONS AND
VERIFIED ANSWERS|GRADED A
3 Stages of Money Laundering: Ans✓✓✓ Stage 1: Placement
- The first stage in cleaning illicit funds is placing them in the laundering
system with little or no effort to disguise their illegal origins
Stage 2: Layering
- The layering stage is where launderers attempt to conceal the source of
the funds or assets, in order to make them harder to detect
Stage 3: Integration
- Integration is when illegal funds are commingled with legitimate funds.
The funds would then appear to be legal from the standpoint of detection
A Currency Transaction is for reporting... Ans✓✓✓ Any currency
transaction greater than $10,000
All of the following make the insurance industry susceptible to money
launderers except... Ans✓✓✓ Insurance companies are exempt from
compliance with the US Patriot Act
An electronic transaction via the internet or through an encrypted card
that has a monetary value that is tracked by a microchip is... Ans✓✓✓ A
cyber-payment
Bank Secrecy Act: Ans✓✓✓ Established reporting requirenments
, Financial Institutions are required to trace the source of all funds
belonging to foreign persons or institutions when... Ans✓✓✓ A primary
money laundering concern has been identified
Financial Professionals should consider all of the following in any
transaction with a client EXEPT... Ans✓✓✓ Number of dependents
Gramm-Leach Bliley Act: Ans✓✓✓ Requires a financial institution to
inform customers of its privacy policies.
If a financial firm is unable to retrieve or produce all required
information for a wire transfer, the firm is in violation of... Ans✓✓✓
The Joint Rule
If the identity of a person conducting a suspicious activity is not known,
how long does a financial institution have to file an SAR? (Suspicious
Activity Report). Ans✓✓✓ 60 Days
Integration: Ans✓✓✓ Integration occurs when illegal money is mixed
with legitimate business earnings.
Layering Phase: Ans✓✓✓ During the layering phase, money launderers
separate the proceeds from their illegal sources by using multiple
complex financial transactions to obscure the audit trail and hide the
proceeds.
