UCVTS EXAM FULL QUESTIONS AND
CORRECT ANSWERS GRADED A PLUS
REVIEW
●● Which option describes why U.S. dollar drafts are MOST vulnerable
to money laundering?
Answer: They make it easy for the money launderer to conceal the
source of funds once the illicit funds are no longer in cash form.
●● How do bulk cash shipments occur?
Answer: Between two banks even when the receiving bank does not take
physical possession of the currency and the currency goes to the Federal
Reserve.
●● Which parties may be involved in bulk cash shipments?
Answer: The shipper, the common carrier, and the consignee.
●● The CTR exemption process divides businesses into two categories,
Phase I and Phase II. Which type of entity would be eligible for a Phase
I exemption?
Answer: Starbucks Express, a subsidiary of Starbucks.
●● A domestic correspondent account is an account __________.
,Answer: Held by one domestic bank with another domestic bank.
●● Which international partner in the AML network provides a forum
for FIUs to improve international AML/CFT cooperation and to promote
the implementation of domestic programs in this field?
Answer: Egmont Group of Financial Intelligence Units.
●● The following two organizations specialize in conducting
assessments for countries to ascertain compliance with the FATF
Recommendations:
Answer: • International Monetary Fund (IMF),The World Bank.
●● the following two international organizations focus on counteracting
transnational illicit drugs, crime, and terrorism:
Answer: •Organization for Economic Co-operation and Development
(OECD)
•United Nations Office on Drug and Crime (UNODC).
●● Which two organizations provide technical assistance to member
countries for the assessment of their compliance with the international
standard as contained in the FATF Recommendations?
Answer: International Monetary Fund (IMF) and The World Bank
(Financial Market Integrity Group).
,●● Which three options identify aims of the UNODC work program?
Answer: Assist with increasing specialized expertise and skills of
criminal justice officials, Enhance international and regional cooperation
in combating the financing of terrorism through information exchange
and mutual legal assistance, Strengthen legal, financial and operational
capacities to deal effectively with money-laundering and the financing
of terrorism.
●● Among the international partners in AML, which two organizations
focus primarily on tax and anti-money laundering practices and fighting
transnational crimes, including illicit drugs, crime and terrorism?
Answer: OECD, (UNODC).
●● IMF?
Answer: focuses on AML/CFT technical assistance and the assessment
of member countries' compliance with the FATF Recommendations.
●● Egmont Group?
Answer: primary role is to promote the development of FIUs and
facilitate their cooperation in the areas of information exchange,
training, and the sharing of expertise.
●● What entities comprise the Basel Committee on Banking
Supervision?
, Answer: Central banks.
●● Which international organization focuses its anti-money laundering
(AML) efforts primarily on customer due diligence?
Answer: The Basel Committee on Banking Supervision.
●● In what way did the Financial Action Task Force (FATF)
methodology for conducting mutual evaluations change in 2012?
Answer: FATF now adds an effectiveness assessment as a new
component.
●● Which option describes the work of the Wolfsberg Group?
Answer: To develop frameworks and guidance for the management of
financial crime risks, particularly with regard to Know Your Customer.
●● Which option identifies the two international organizations that run
the Stolen Asset Recovery (StAR) Initiative?
Answer: The World Bank and the United Nations Office on Drug and
Crime (UNODC).
●● Which international organization focuses its efforts primarily on tax
crimes?
Answer: The Organisation for Economic Co-operation and Development
(OECD).
CORRECT ANSWERS GRADED A PLUS
REVIEW
●● Which option describes why U.S. dollar drafts are MOST vulnerable
to money laundering?
Answer: They make it easy for the money launderer to conceal the
source of funds once the illicit funds are no longer in cash form.
●● How do bulk cash shipments occur?
Answer: Between two banks even when the receiving bank does not take
physical possession of the currency and the currency goes to the Federal
Reserve.
●● Which parties may be involved in bulk cash shipments?
Answer: The shipper, the common carrier, and the consignee.
●● The CTR exemption process divides businesses into two categories,
Phase I and Phase II. Which type of entity would be eligible for a Phase
I exemption?
Answer: Starbucks Express, a subsidiary of Starbucks.
●● A domestic correspondent account is an account __________.
,Answer: Held by one domestic bank with another domestic bank.
●● Which international partner in the AML network provides a forum
for FIUs to improve international AML/CFT cooperation and to promote
the implementation of domestic programs in this field?
Answer: Egmont Group of Financial Intelligence Units.
●● The following two organizations specialize in conducting
assessments for countries to ascertain compliance with the FATF
Recommendations:
Answer: • International Monetary Fund (IMF),The World Bank.
●● the following two international organizations focus on counteracting
transnational illicit drugs, crime, and terrorism:
Answer: •Organization for Economic Co-operation and Development
(OECD)
•United Nations Office on Drug and Crime (UNODC).
●● Which two organizations provide technical assistance to member
countries for the assessment of their compliance with the international
standard as contained in the FATF Recommendations?
Answer: International Monetary Fund (IMF) and The World Bank
(Financial Market Integrity Group).
,●● Which three options identify aims of the UNODC work program?
Answer: Assist with increasing specialized expertise and skills of
criminal justice officials, Enhance international and regional cooperation
in combating the financing of terrorism through information exchange
and mutual legal assistance, Strengthen legal, financial and operational
capacities to deal effectively with money-laundering and the financing
of terrorism.
●● Among the international partners in AML, which two organizations
focus primarily on tax and anti-money laundering practices and fighting
transnational crimes, including illicit drugs, crime and terrorism?
Answer: OECD, (UNODC).
●● IMF?
Answer: focuses on AML/CFT technical assistance and the assessment
of member countries' compliance with the FATF Recommendations.
●● Egmont Group?
Answer: primary role is to promote the development of FIUs and
facilitate their cooperation in the areas of information exchange,
training, and the sharing of expertise.
●● What entities comprise the Basel Committee on Banking
Supervision?
, Answer: Central banks.
●● Which international organization focuses its anti-money laundering
(AML) efforts primarily on customer due diligence?
Answer: The Basel Committee on Banking Supervision.
●● In what way did the Financial Action Task Force (FATF)
methodology for conducting mutual evaluations change in 2012?
Answer: FATF now adds an effectiveness assessment as a new
component.
●● Which option describes the work of the Wolfsberg Group?
Answer: To develop frameworks and guidance for the management of
financial crime risks, particularly with regard to Know Your Customer.
●● Which option identifies the two international organizations that run
the Stolen Asset Recovery (StAR) Initiative?
Answer: The World Bank and the United Nations Office on Drug and
Crime (UNODC).
●● Which international organization focuses its efforts primarily on tax
crimes?
Answer: The Organisation for Economic Co-operation and Development
(OECD).
