Anti-Money Laundering exam with
correct answers
Money |laundering |- |correct |answer |-The |process |of |making |dirty |money |appear |legitimate
Layering |- |correct |answer |-Using |multiple |and |complex |financial |transactions |to |hide |illicit |funds
|and |obscure |the |audit |trail
Intergration |- |correct |answer |-When |the |washed |funds |are |put |back |into |the |legitimate |economic
|and |financial |system
Placement |- |correct |answer |-Putting |dirty |money |into |financial |institutions |or |the |retail |economy
Bank |Secrecy |Act |of |1970 |- |correct |answer |-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 |- |correct |answer |-Made |money |laundering |a |criminal
|activity
Money |Laundering |Suppression |Act |of |1994 |- |correct |answer |-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 |- |correct |answer |-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 |- |correct |answer |-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
correct answers
Money |laundering |- |correct |answer |-The |process |of |making |dirty |money |appear |legitimate
Layering |- |correct |answer |-Using |multiple |and |complex |financial |transactions |to |hide |illicit |funds
|and |obscure |the |audit |trail
Intergration |- |correct |answer |-When |the |washed |funds |are |put |back |into |the |legitimate |economic
|and |financial |system
Placement |- |correct |answer |-Putting |dirty |money |into |financial |institutions |or |the |retail |economy
Bank |Secrecy |Act |of |1970 |- |correct |answer |-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 |- |correct |answer |-Made |money |laundering |a |criminal
|activity
Money |Laundering |Suppression |Act |of |1994 |- |correct |answer |-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 |- |correct |answer |-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 |- |correct |answer |-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
