AML for Lenders | VERIFIED A+ ANSWERS
2023
Individual employees and their financial institutions can receive civil and monetary penalties if they
unknowingly assist money launderers. -ANSWER- True
For the laundering process to be a success, the three steps must be completed with no paper or
electronic link between them, and without detection. -ANSWER- True
A CIP must include procedures for determining whether a customer's name appears on any government
list of known or suspected terrorists before or shortly after a new account is opened. -ANSWER- True
If you file a SAR, you must do so within how many days after detecting the facts that triggered the SAR
filing? -ANSWER- 30
Money laundering is the process where the proceeds of legitimate activity are introduced into the
mainstream of financial commerce. -ANSWER- False
A(n) ________ banking relationship is created when an institution sells its services (such as foreign
exchange transactions, domestic or international payments, or credit) to another institution. -ANSWER-
Correspondent
Correspondent banking relationship risks include: -ANSWER- Both A and B
The landmark law targeting money laundering is the: -ANSWER- Bank Secrecy Act
The Bank Secrecy Act (BSA) is the law that requires all financial institutions, casinos, and certain other
businesses to: -ANSWER- All of the above
2023
Individual employees and their financial institutions can receive civil and monetary penalties if they
unknowingly assist money launderers. -ANSWER- True
For the laundering process to be a success, the three steps must be completed with no paper or
electronic link between them, and without detection. -ANSWER- True
A CIP must include procedures for determining whether a customer's name appears on any government
list of known or suspected terrorists before or shortly after a new account is opened. -ANSWER- True
If you file a SAR, you must do so within how many days after detecting the facts that triggered the SAR
filing? -ANSWER- 30
Money laundering is the process where the proceeds of legitimate activity are introduced into the
mainstream of financial commerce. -ANSWER- False
A(n) ________ banking relationship is created when an institution sells its services (such as foreign
exchange transactions, domestic or international payments, or credit) to another institution. -ANSWER-
Correspondent
Correspondent banking relationship risks include: -ANSWER- Both A and B
The landmark law targeting money laundering is the: -ANSWER- Bank Secrecy Act
The Bank Secrecy Act (BSA) is the law that requires all financial institutions, casinos, and certain other
businesses to: -ANSWER- All of the above
