AML Test Questions with correct answersAML Test Questions with correct answers

AML Test Questions with correct
answers
What ||are ||the ||four ||elements ||of ||fraud? ||- ||correct ||answer ||-1. ||Material ||false ||statement

2. ||Knowledge ||that ||statement ||is ||false

3. ||Reliance ||on ||false ||statement

4. ||Financial ||loss



What ||is ||the ||distinct ||difference ||between ||a ||fraud ||and ||an ||attempted ||fraud? ||- ||correct ||answer ||-
Financial ||loss



What ||is ||the ||process ||of ||making ||illegally ||obtained ||proceeds ||appear ||legal? ||- ||correct ||answer ||-
Money ||laundering



What ||two ||financial ||statements ||are ||usually ||provided ||by ||a ||business ||to ||a ||financial ||institution
||when ||trying ||to ||secure ||a ||business ||loan? ||- ||correct ||answer ||-Balance ||sheet ||& ||Income

||statement




What ||is ||a ||financial ||statement ||that ||summarizes ||a ||company's ||assets, ||liabilities ||(what ||you ||own
||and ||what ||you ||owe) ||plus ||the ||net ||worth ||at ||a ||specific ||point ||in ||time? ||- ||correct ||answer ||-

Balance ||sheet



What ||is ||a ||financial ||statement ||that ||reports ||a ||company's ||revenue ||and ||expenses ||and
||profit/loss ||over ||a ||specific ||period ||of ||time? ||- ||correct ||answer ||-Income ||statement




What ||is ||a ||division ||of ||the ||United ||States ||Treasury ||Department ||whose ||goal ||is ||to ||prevent ||and
||punish ||criminals ||and ||criminal ||networks ||that ||participate ||in ||money ||laundering? ||- ||correct

||answer ||-FINCEN ||(Financial ||Crimes ||Enforcement ||Network)




What ||is ||a ||report ||that ||US ||financial ||institutions ||are ||required ||to ||file ||for ||each ||deposit,
||withdrawal ||or ||exchange ||of ||currency ||in ||excess ||of ||$10,000? ||- ||correct ||answer ||-CTR ||(Currency

||Transaction ||Report)

, What ||is ||a ||report ||that ||financial ||institutions ||must ||file ||following ||a ||suspected ||incident ||of
||money ||laundering, ||fraud ||or ||other ||violation ||of ||the ||law? ||- ||correct ||answer ||-SAR ||(Suspicious

||Activity ||Report)




What ||is ||a ||form ||that ||needs ||to ||be ||filed ||by ||any ||person ||in ||a ||trade ||or ||business ||who ||receives
||more ||than ||$10,000 ||in ||cash ||in ||a ||single ||transaction ||or ||related ||transactions? ||- ||correct ||answer

||-Form ||8300




What ||is ||the ||central ||bank ||of ||the ||United ||States, ||founded ||in ||1913 ||to ||provide ||the ||nation ||with
||a ||safe, ||flexible ||and ||stable ||monetary ||and ||financial ||system? ||- ||correct ||answer ||-The ||Federal

||Reserve




Who ||was ||the ||New ||York ||City ||hedge ||fund ||manager ||who ||was ||arrested ||in ||2008 ||and
||subsequently ||plead ||guilty ||and ||sentenced ||to ||150 ||years ||in ||prison ||for ||operating ||the ||largest

||Ponzi ||scheme ||in ||financial ||history? ||- ||correct ||answer ||-Bernie ||Madoff




Name ||the ||worlds ||largest ||anti-fraud ||organization ||and ||premier ||provider ||of ||anti-fraud ||training
||and ||education. ||- ||correct ||answer ||-ACFE ||(Association ||of ||Certified ||Fraud ||Examiners)




Name ||the ||largest ||international ||membership ||organization ||dedicated ||to ||enhancing ||the
||knowledge, ||skills ||and ||expertise ||of ||AML/CTF ||and ||financial ||crime ||detection ||and ||prevention

||professionals. ||- ||correct ||answer ||-ACAMS ||(Association ||of ||Certified ||Anti-Money ||Laundering

||Specialists)




The ||4 ||primary ||institution ||regulators ||are: ||- ||correct ||answer ||-1. ||NCUA ||(National ||Credit ||Union
||Administration)



2. ||FDIC ||(Federal ||Deposit ||Insurance ||Corporation)

3. ||The ||Federal ||Reserve

4. ||OCC ||(Office ||of ||the ||Comptroller ||of ||Currency)



The ||2 ||primary ||regulators ||for ||Wall ||street ||are: ||- ||correct ||answer ||-1. ||SEC ||(Securities ||and
||Exchange ||Commission)



2. ||FINRA ||(Financial ||Industry ||Regulatory ||Authority)