AML quiz chapter 1|88 Questions with 100% Correct Answers | Updated & Verified

What is money laundering? - ️️Claiming illegal funds as a legitimate business transaction Who oversees money laundering? - ️️federal regulations like the USA PATRIOT Act, What is AML mean? - ️️AML refers collectively to laws, policies, and company programs intended to deter and detect money laundering. The first stage in the money laundering process is called? - ️️placement What does placement mean? - ️️brings the illicit cash into the legal financial system What is structuring? - ️️the practice of breaking up large cash transactions into multiple smaller transactions (for the purpose of evading reporting or recordkeeping requirements What is the 2nd step of money laundering? - ️️Layering What is layering? - ️️cash equivalents obtained in the placement stage are used to purchase a variety of financial instruments What are some examples of sophisticated financial products - ️️can include cash value life insurance and deferred annuity contracts. What is the 3rd and final step in money laundering? - ️️Integration