AMLS REVIEW TEST
1. Money laundering is estimated to amount to how much of the world'sgross domestic
product?
Answer: 2 and 5%
2. When a financial institution finds out one of its customers is listed on theLists of Known or
Suspected Terrorists, it must
Answer: freeze the customer's assetsand block transactions with the customer
3. Which of the following acts requires regulators to enhance examinationprocedures and
upgrade examiner training to improve the identification
of money laundering schemes in financial institutions?
Answer: Money LaunderingSuppression Act
4. Which of the following is an office within Treasury's Office of Enforce-ment that
administers and enforces US sanction policies against targeted foreign countries, individuals,
and organizations that sponsor terrorism andinternational narcotics traffickers?
Answer: OFAC
5. The most dangerous step in the money laundering process is
Answer: placement
6. Which of the following organization represents insurance regulatory au-thorities and
promotes cooperation among insurance regulators and sets international standards for insurance
supervision?
Answer: The International Association of Insurance Supervisors
7. All of the following statements about an insurance company's anti-moneylaundering program
are correct EXCEPT the program must
Answer: comply with NAIC's model regulation for anti-money launderingprograms
8. Which of the following forms does a US citizen have to file for having aforeign bank
account with a balance of $10,000 or more?
Answer: FBAR
9. The first known case of money laundering in the insurance industry wasreported in
1. Money laundering is estimated to amount to how much of the world'sgross domestic
product?
Answer: 2 and 5%
2. When a financial institution finds out one of its customers is listed on theLists of Known or
Suspected Terrorists, it must
Answer: freeze the customer's assetsand block transactions with the customer
3. Which of the following acts requires regulators to enhance examinationprocedures and
upgrade examiner training to improve the identification
of money laundering schemes in financial institutions?
Answer: Money LaunderingSuppression Act
4. Which of the following is an office within Treasury's Office of Enforce-ment that
administers and enforces US sanction policies against targeted foreign countries, individuals,
and organizations that sponsor terrorism andinternational narcotics traffickers?
Answer: OFAC
5. The most dangerous step in the money laundering process is
Answer: placement
6. Which of the following organization represents insurance regulatory au-thorities and
promotes cooperation among insurance regulators and sets international standards for insurance
supervision?
Answer: The International Association of Insurance Supervisors
7. All of the following statements about an insurance company's anti-moneylaundering program
are correct EXCEPT the program must
Answer: comply with NAIC's model regulation for anti-money launderingprograms
8. Which of the following forms does a US citizen have to file for having aforeign bank
account with a balance of $10,000 or more?
Answer: FBAR
9. The first known case of money laundering in the insurance industry wasreported in
