AML EXAM ANTI-MONEY LAUNDERING WEBCE (AML EXAM ANTI-MONEY
LAUNDERING WEBCE ALL CHAPTER QUESTIONS AND EXAM QUESTIONS
ANSWERED CORRECTLY TO PASS!!
Study online at https://quizlet.com/_h73fcb
1. During which stage of the money laundering d. integration
process are laundered or cleansed funds circu-
lated back into the hands of the criminal and That's correct! The final stage in the
ultimately into the financial system? money laundering process is called
a. closet integration. Here, the cleansed mon-
b. placement ey is circulated back into the hands
c. layering of the criminal and ultimately into the
d. integration financial system.
2. Insurance companies are not required to b. False
establish anti-money laundering programs,
though they are encouraged to do so. That's correct! Title III of the PATRI-
a. True OT Act specifically addresses mon-
b. False ey laundering and expands the Bank
Secrecy Act to encompass all finan-
cial institutions, including life insur-
ance companies. The Act's inclusion of
insurance companies recognized the
simple fact that some insurance prod-
ucts were being used in money laun-
dering schemes.
3. A customer has purchased over a dozen life c. layering
insurance and annuity contracts over the past
year, using cashier's checks to pay the premi- That's correct! Money laundering is
ums. If this action is part of a money laundering a process that moves illegal money
operation, which stage does it represent? through three stages on its way to
a. acquisition apparent legitimacy: placement, lay-
b. placement ering, and integration. The second
stage, layering, is achieved by us-
, AML EXAM ANTI-MONEY LAUNDERING WEBCE (AML EXAM ANTI-MONEY
LAUNDERING WEBCE ALL CHAPTER QUESTIONS AND EXAM QUESTIONS
ANSWERED CORRECTLY TO PASS!!
Study online at https://quizlet.com/_h73fcb
c. layering ing cash or cash equivalents to pur-
d. integration chase multiple financial instruments
that can subsequently be converted
into clean money.
4. All of the following are federal laws or related b. the Fair Credit Reporting Act of
rulings that have a direct impact on anti-money 1972
laundering requirements EXCEPT:
That's correct! The USA PATRIOT Act
a. the Bank Secrecy Act of 1970 expands the AML directives of the
b. the Fair Credit Reporting Act of 1972 Bank Secrecy Act, and FinCEN's final
c. the USA PATRIOT Act of 2001 rules amended the USA PATRIOT Act
d. the FinCEN final rules published November to address the insurance company
2005 needs. The FCRA does not directly re-
late to money laundering.
5. Under FinCEN's final rules as they apply to in- b. False
surance companies, agents and brokers are re-
quired to establish and maintain their own AML That's correct! Agents and brokers
programs and procedures. are not required to establish separate
AML programs; however, as integral
a. True as they are to the insurance business
b. False and the insurance sales process, they
have an important role to play in as-
sisting their companies with AML ef-
forts.
6. As part of the life insurance application process c. the beneficiary's date of birth
in compliance with AML requirements, produc-
ers are required to obtain all of the following That's correct! Required information
information EXCEPT: includes the applicant's full legal
, AML EXAM ANTI-MONEY LAUNDERING WEBCE (AML EXAM ANTI-MONEY
LAUNDERING WEBCE ALL CHAPTER QUESTIONS AND EXAM QUESTIONS
ANSWERED CORRECTLY TO PASS!!
Study online at https://quizlet.com/_h73fcb
name, date of birth, residential ad-
a. the applicant's Social Security or tax identifi- dress, and SSN or TIN. Beneficiary in-
cation number formation is not required.
b. the applicant's residential address
c. the beneficiary's date of birth
d. the applicant's full legal name
7. All of the following are required elements of an b. certifying every employee and ap-
insurance company's AML program EXCEPT: pointed producer with FinCEN
a. designating an AML compliance officer That's correct! The USA PATRIOT Act
b. certifying every employee and appointed requires companies to develop and
producer with FinCEN implement an AML program, desig-
c. maintaining an ongoing training program nate an AML compliance officer, main-
d. periodically testing the AML program tain an ongoing training program,
through independent audit and periodically test the AML pro-
gram through an independent au-
dit. While employees and appointed
producers are expected to know and
comply with a company's AML pro-
gram, they are not required to receive
FinCEN (or any other) certification.
8. In determining the need to report suspicious d. Participating policy dividends are
activity, all of the following are considered to be used to purchase paid-up additions.
"transactions" EXCEPT:
That's correct! For purposes of thresh-
a. All premiums are paid with money orders. old determination, transfers of funds
b. The initial premium deposit is paid by wire from almost any source are subject to
transfer. review. The exercise of participating
c. Cash value transfers are made between poli-
LAUNDERING WEBCE ALL CHAPTER QUESTIONS AND EXAM QUESTIONS
ANSWERED CORRECTLY TO PASS!!
Study online at https://quizlet.com/_h73fcb
1. During which stage of the money laundering d. integration
process are laundered or cleansed funds circu-
lated back into the hands of the criminal and That's correct! The final stage in the
ultimately into the financial system? money laundering process is called
a. closet integration. Here, the cleansed mon-
b. placement ey is circulated back into the hands
c. layering of the criminal and ultimately into the
d. integration financial system.
2. Insurance companies are not required to b. False
establish anti-money laundering programs,
though they are encouraged to do so. That's correct! Title III of the PATRI-
a. True OT Act specifically addresses mon-
b. False ey laundering and expands the Bank
Secrecy Act to encompass all finan-
cial institutions, including life insur-
ance companies. The Act's inclusion of
insurance companies recognized the
simple fact that some insurance prod-
ucts were being used in money laun-
dering schemes.
3. A customer has purchased over a dozen life c. layering
insurance and annuity contracts over the past
year, using cashier's checks to pay the premi- That's correct! Money laundering is
ums. If this action is part of a money laundering a process that moves illegal money
operation, which stage does it represent? through three stages on its way to
a. acquisition apparent legitimacy: placement, lay-
b. placement ering, and integration. The second
stage, layering, is achieved by us-
, AML EXAM ANTI-MONEY LAUNDERING WEBCE (AML EXAM ANTI-MONEY
LAUNDERING WEBCE ALL CHAPTER QUESTIONS AND EXAM QUESTIONS
ANSWERED CORRECTLY TO PASS!!
Study online at https://quizlet.com/_h73fcb
c. layering ing cash or cash equivalents to pur-
d. integration chase multiple financial instruments
that can subsequently be converted
into clean money.
4. All of the following are federal laws or related b. the Fair Credit Reporting Act of
rulings that have a direct impact on anti-money 1972
laundering requirements EXCEPT:
That's correct! The USA PATRIOT Act
a. the Bank Secrecy Act of 1970 expands the AML directives of the
b. the Fair Credit Reporting Act of 1972 Bank Secrecy Act, and FinCEN's final
c. the USA PATRIOT Act of 2001 rules amended the USA PATRIOT Act
d. the FinCEN final rules published November to address the insurance company
2005 needs. The FCRA does not directly re-
late to money laundering.
5. Under FinCEN's final rules as they apply to in- b. False
surance companies, agents and brokers are re-
quired to establish and maintain their own AML That's correct! Agents and brokers
programs and procedures. are not required to establish separate
AML programs; however, as integral
a. True as they are to the insurance business
b. False and the insurance sales process, they
have an important role to play in as-
sisting their companies with AML ef-
forts.
6. As part of the life insurance application process c. the beneficiary's date of birth
in compliance with AML requirements, produc-
ers are required to obtain all of the following That's correct! Required information
information EXCEPT: includes the applicant's full legal
, AML EXAM ANTI-MONEY LAUNDERING WEBCE (AML EXAM ANTI-MONEY
LAUNDERING WEBCE ALL CHAPTER QUESTIONS AND EXAM QUESTIONS
ANSWERED CORRECTLY TO PASS!!
Study online at https://quizlet.com/_h73fcb
name, date of birth, residential ad-
a. the applicant's Social Security or tax identifi- dress, and SSN or TIN. Beneficiary in-
cation number formation is not required.
b. the applicant's residential address
c. the beneficiary's date of birth
d. the applicant's full legal name
7. All of the following are required elements of an b. certifying every employee and ap-
insurance company's AML program EXCEPT: pointed producer with FinCEN
a. designating an AML compliance officer That's correct! The USA PATRIOT Act
b. certifying every employee and appointed requires companies to develop and
producer with FinCEN implement an AML program, desig-
c. maintaining an ongoing training program nate an AML compliance officer, main-
d. periodically testing the AML program tain an ongoing training program,
through independent audit and periodically test the AML pro-
gram through an independent au-
dit. While employees and appointed
producers are expected to know and
comply with a company's AML pro-
gram, they are not required to receive
FinCEN (or any other) certification.
8. In determining the need to report suspicious d. Participating policy dividends are
activity, all of the following are considered to be used to purchase paid-up additions.
"transactions" EXCEPT:
That's correct! For purposes of thresh-
a. All premiums are paid with money orders. old determination, transfers of funds
b. The initial premium deposit is paid by wire from almost any source are subject to
transfer. review. The exercise of participating
c. Cash value transfers are made between poli-
