Anti-Money Laundering Questions with 100% Correct Answers | Verified | Updated 2024

Money laundering - ️️The process of making dirty money appear legitimate Layering - ️️Using multiple and complex financial transactions to hide illicit funds and obscure the audit trail Intergration - ️️When the washed funds are put back into the legitimate economic and financial system Placement - ️️Putting dirty money into financial institutions or the retail economy Bank Secrecy Act of 1970 - ️️Intended to prevent banks are other financial institutions from being used as intermediaries to transfer, disguise, or hide money derived from criminal activity; imposes strict reporting and recordkeeping requirements on financial institutions Money Laundering Control Act of 1986 - ️️Made money laundering a criminal activity Money Laundering Suppression Act of 1994 - ️️Required regulators to enhance examination procedures an upgrade examiner training to improve the identification of money laundering schemes in financial institutions Patriot Act of 2001 - ️️Expanded the scope of BSA by bringing all financial institutions under its regulations; require: the establishment of an anti-money laundering program, the creation of customer identification and verification programs, enhanced recordkeeping and reporting, and enhanced suspicious activity reporting Insurance company - ️️Any person engaged in the United States as a business in the issuing, underwriting, or reinsuring of a life insurance policy; the issuing, granting, purchasing, or disposing of any annuity contract; or the issuing, underwriting, or reinsuring of any insurance product with investment features similar to those of a life insurance policy or an annuity contract, or which can be used to store value and transfer that value to another person