Social Science Economics Finance
AML EXAM ANTI-MONEY LAUNDERING WEBCE (AML
EXAM ANTI-MONEY LAUNDERING WEBCE ALL CHAPTER
QUESTIONS AND EXAM QUESTIONS) ANSWERED
CORRECTLY TO PASS!!
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AML Exam Anti-Money Laundering ... AHIP 2025 Module 2 QUIZ AML Exam Anti-Money Laundering ... An
38 terms 20 terms Teacher 39 terms 10
brighteyesof75 Preview slherrin63 Preview ngothos Preview
Terms in this set (38)
During which stage of the money laundering process d. integration
are laundered or cleansed funds circulated back into
the hands of the criminal and ultimately into the That's correct! The final stage in the money laundering process is called
financial system? integration. Here, the cleansed money is circulated back into the hands of the
a. closet criminal and ultimately into the financial system.
b. placement
c. layering
d. integration
Insurance companies are not required to establish anti- b. False
money laundering programs, though they are
encouraged to do so. That's correct! Title III of the PATRIOT Act specifically addresses money
a. True laundering and expands the Bank Secrecy Act to encompass all financial
b. False institutions, including life insurance companies. The Act's inclusion of insurance
companies recognized the simple fact that some insurance products were
being used in money laundering schemes.
A customer has purchased over a dozen life insurance c. layering
and annuity contracts over the past year, using cashier's
checks to pay the premiums. If this action is part of a That's correct! Money laundering is a process that moves illegal money through
money laundering operation, which stage does it three stages on its way to apparent legitimacy: placement, layering, and
represent? integration. The second stage, layering, is achieved by using cash or cash
a. acquisition equivalents to purchase multiple financial instruments that can subsequently be
b. placement converted into clean money.
c. layering
d. integration
, All of the following are federal laws or related rulings b. the Fair Credit Reporting Act of 1972
that have a direct impact on anti-money laundering
requirements EXCEPT: That's correct! The USA PATRIOT Act expands the AML directives of the Bank
Secrecy Act, and FinCEN's final rules amended the USA PATRIOT Act to
a. the Bank Secrecy Act of 1970 address the insurance company needs. The FCRA does not directly relate to
b. the Fair Credit Reporting Act of 1972 money laundering.
c. the USA PATRIOT Act of 2001
d. the FinCEN final rules published November 2005
Under FinCEN's final rules as they apply to insurance b. False
companies, agents and brokers are required to
establish and maintain their own AML programs and That's correct! Agents and brokers are not required to establish separate AML
procedures. programs; however, as integral as they are to the insurance business and the
insurance sales process, they have an important role to play in assisting their
a. True companies with AML efforts.
b. False
As part of the life insurance application process in c. the beneficiary's date of birth
compliance with AML requirements, producers are
required to obtain all of the following information That's correct! Required information includes the applicant's full legal name,
EXCEPT: date of birth, residential address, and SSN or TIN. Beneficiary information is not
required.
a. the applicant's Social Security or tax identification
number
b. the applicant's residential address
c. the beneficiary's date of birth
d. the applicant's full legal name
All of the following are required elements of an b. certifying every employee and appointed producer with FinCEN
insurance company's AML program EXCEPT:
That's correct! The USA PATRIOT Act requires companies to develop and
a. designating an AML compliance officer implement an AML program, designate an AML compliance officer, maintain an
b. certifying every employee and appointed producer ongoing training program, and periodically test the AML program through an
with FinCEN independent audit. While employees and appointed producers are expected
c. maintaining an ongoing training program to know and comply with a company's AML program, they are not required to
d. periodically testing the AML program through receive FinCEN (or any other) certification.
independent audit
In determining the need to report suspicious activity, all d. Participating policy dividends are used to purchase paid-up additions.
of the following are considered to be "transactions"
EXCEPT: That's correct! For purposes of threshold determination, transfers of funds from
almost any source are subject to review. The exercise of participating policy
a. All premiums are paid with money orders. dividend options is generally excluded.
b. The initial premium deposit is paid by wire transfer.
c. Cash value transfers are made between policies (or
via a 1035 exchange).
d. Participating policy dividends are used to purchase
paid-up additions.
AML EXAM ANTI-MONEY LAUNDERING WEBCE (AML
EXAM ANTI-MONEY LAUNDERING WEBCE ALL CHAPTER
QUESTIONS AND EXAM QUESTIONS) ANSWERED
CORRECTLY TO PASS!!
Leave the first rating
Save
Students also studied
Flashcard sets Study guides
AML Exam Anti-Money Laundering ... AHIP 2025 Module 2 QUIZ AML Exam Anti-Money Laundering ... An
38 terms 20 terms Teacher 39 terms 10
brighteyesof75 Preview slherrin63 Preview ngothos Preview
Terms in this set (38)
During which stage of the money laundering process d. integration
are laundered or cleansed funds circulated back into
the hands of the criminal and ultimately into the That's correct! The final stage in the money laundering process is called
financial system? integration. Here, the cleansed money is circulated back into the hands of the
a. closet criminal and ultimately into the financial system.
b. placement
c. layering
d. integration
Insurance companies are not required to establish anti- b. False
money laundering programs, though they are
encouraged to do so. That's correct! Title III of the PATRIOT Act specifically addresses money
a. True laundering and expands the Bank Secrecy Act to encompass all financial
b. False institutions, including life insurance companies. The Act's inclusion of insurance
companies recognized the simple fact that some insurance products were
being used in money laundering schemes.
A customer has purchased over a dozen life insurance c. layering
and annuity contracts over the past year, using cashier's
checks to pay the premiums. If this action is part of a That's correct! Money laundering is a process that moves illegal money through
money laundering operation, which stage does it three stages on its way to apparent legitimacy: placement, layering, and
represent? integration. The second stage, layering, is achieved by using cash or cash
a. acquisition equivalents to purchase multiple financial instruments that can subsequently be
b. placement converted into clean money.
c. layering
d. integration
, All of the following are federal laws or related rulings b. the Fair Credit Reporting Act of 1972
that have a direct impact on anti-money laundering
requirements EXCEPT: That's correct! The USA PATRIOT Act expands the AML directives of the Bank
Secrecy Act, and FinCEN's final rules amended the USA PATRIOT Act to
a. the Bank Secrecy Act of 1970 address the insurance company needs. The FCRA does not directly relate to
b. the Fair Credit Reporting Act of 1972 money laundering.
c. the USA PATRIOT Act of 2001
d. the FinCEN final rules published November 2005
Under FinCEN's final rules as they apply to insurance b. False
companies, agents and brokers are required to
establish and maintain their own AML programs and That's correct! Agents and brokers are not required to establish separate AML
procedures. programs; however, as integral as they are to the insurance business and the
insurance sales process, they have an important role to play in assisting their
a. True companies with AML efforts.
b. False
As part of the life insurance application process in c. the beneficiary's date of birth
compliance with AML requirements, producers are
required to obtain all of the following information That's correct! Required information includes the applicant's full legal name,
EXCEPT: date of birth, residential address, and SSN or TIN. Beneficiary information is not
required.
a. the applicant's Social Security or tax identification
number
b. the applicant's residential address
c. the beneficiary's date of birth
d. the applicant's full legal name
All of the following are required elements of an b. certifying every employee and appointed producer with FinCEN
insurance company's AML program EXCEPT:
That's correct! The USA PATRIOT Act requires companies to develop and
a. designating an AML compliance officer implement an AML program, designate an AML compliance officer, maintain an
b. certifying every employee and appointed producer ongoing training program, and periodically test the AML program through an
with FinCEN independent audit. While employees and appointed producers are expected
c. maintaining an ongoing training program to know and comply with a company's AML program, they are not required to
d. periodically testing the AML program through receive FinCEN (or any other) certification.
independent audit
In determining the need to report suspicious activity, all d. Participating policy dividends are used to purchase paid-up additions.
of the following are considered to be "transactions"
EXCEPT: That's correct! For purposes of threshold determination, transfers of funds from
almost any source are subject to review. The exercise of participating policy
a. All premiums are paid with money orders. dividend options is generally excluded.
b. The initial premium deposit is paid by wire transfer.
c. Cash value transfers are made between policies (or
via a 1035 exchange).
d. Participating policy dividends are used to purchase
paid-up additions.
