4/6/26, 8:44 AM AML EXAM ANTI-MONEY LAUNDERING WEBCE (AML EXAM ANTI-MONEY LAUNDERING WEBCE ALL CHAPTER QUESTIONS…
AML EXAM ANTI-MONEY LAUNDERING WEBCE
(AML EXAM ANTI-MONEY LAUNDERING WEBCE
ALL CHAPTER QUESTIONS 2026!
Save
Terms in this set (38)
During which stage of the money d. integration
laundering process are laundered or
cleansed funds circulated back into That's correct! The final stage in the money
the hands of the criminal and laundering process is called integration. Here, the
ultimately into the financial system? cleansed money is circulated back into the hands
a. closet of the criminal and ultimately into the financial
b. placement system.
c. layering
d. integration
Insurance companies are not b. False
required to establish anti-money
laundering programs, though they That's correct! Title III of the PATRIOT Act
are encouraged to do so. specifically addresses money laundering and
a. True expands the Bank Secrecy Act to encompass all
b. False financial institutions, including life insurance
companies. The Act's inclusion of insurance
companies recognized the simple fact that some
insurance products were being used in money
laundering schemes.
https://quizlet.com/1164371070/aml-exam-anti-money-laundering-webce-aml-exam-anti-money-laundering-webce-all-chapter-questions-2026-flash-c… 1/20
,4/6/26, 8:44 AM AML EXAM ANTI-MONEY LAUNDERING WEBCE (AML EXAM ANTI-MONEY LAUNDERING WEBCE ALL CHAPTER QUESTIONS…
A customer has purchased over a c. layering
dozen life insurance and annuity
contracts over the past year, using That's correct! Money laundering is a process that
cashier's checks to pay the moves illegal money through three stages on its
premiums. If this action is part of a way to apparent legitimacy: placement, layering,
money laundering operation, which and integration. The second stage, layering, is
stage does it represent? achieved by using cash or cash equivalents to
a. acquisition purchase multiple financial instruments that can
b. placement subsequently be converted into clean money.
c. layering
d. integration
All of the following are federal laws b. the Fair Credit Reporting Act of 1972
or related rulings that have a direct
impact on anti-money laundering That's correct! The USA PATRIOT Act expands the
requirements EXCEPT: AML directives of the Bank Secrecy Act, and
FinCEN's final rules amended the USA PATRIOT Act
a. the Bank Secrecy Act of 1970 to address the insurance company needs. The
b. the Fair Credit Reporting Act of FCRA does not directly relate to money laundering.
1972
c. the USA PATRIOT Act of 2001
d. the FinCEN final rules published
November 2005
Under FinCEN's final rules as they b. False
apply to insurance companies,
agents and brokers are required to That's correct! Agents and brokers are not required
establish and maintain their own AML to establish separate AML programs; however, as
programs and procedures. integral as they are to the insurance business and
the insurance sales process, they have an important
a. True role to play in assisting their companies with AML
b. False efforts.
https://quizlet.com/1164371070/aml-exam-anti-money-laundering-webce-aml-exam-anti-money-laundering-webce-all-chapter-questions-2026-flash-c… 2/20
, 4/6/26, 8:44 AM AML EXAM ANTI-MONEY LAUNDERING WEBCE (AML EXAM ANTI-MONEY LAUNDERING WEBCE ALL CHAPTER QUESTIONS…
As part of the life insurance c. the beneficiary's date of birth
application process in compliance
with AML requirements, producers That's correct! Required information includes the
are required to obtain all of the applicant's full legal name, date of birth, residential
following information EXCEPT: address, and SSN or TIN. Beneficiary information is
not required.
a. the applicant's Social Security or
tax identification number
b. the applicant's residential address
c. the beneficiary's date of birth
d. the applicant's full legal name
All of the following are required b. certifying every employee and appointed
elements of an insurance company's producer with FinCEN
AML program EXCEPT:
That's correct! The USA PATRIOT Act requires
a. designating an AML compliance companies to develop and implement an AML
officer program, designate an AML compliance officer,
b. certifying every employee and maintain an ongoing training program, and
appointed producer with FinCEN periodically test the AML program through an
c. maintaining an ongoing training independent audit. While employees and
program appointed producers are expected to know and
d. periodically testing the AML comply with a company's AML program, they are
program through independent audit not required to receive FinCEN (or any other)
certification.
https://quizlet.com/1164371070/aml-exam-anti-money-laundering-webce-aml-exam-anti-money-laundering-webce-all-chapter-questions-2026-flash-c… 3/20
AML EXAM ANTI-MONEY LAUNDERING WEBCE
(AML EXAM ANTI-MONEY LAUNDERING WEBCE
ALL CHAPTER QUESTIONS 2026!
Save
Terms in this set (38)
During which stage of the money d. integration
laundering process are laundered or
cleansed funds circulated back into That's correct! The final stage in the money
the hands of the criminal and laundering process is called integration. Here, the
ultimately into the financial system? cleansed money is circulated back into the hands
a. closet of the criminal and ultimately into the financial
b. placement system.
c. layering
d. integration
Insurance companies are not b. False
required to establish anti-money
laundering programs, though they That's correct! Title III of the PATRIOT Act
are encouraged to do so. specifically addresses money laundering and
a. True expands the Bank Secrecy Act to encompass all
b. False financial institutions, including life insurance
companies. The Act's inclusion of insurance
companies recognized the simple fact that some
insurance products were being used in money
laundering schemes.
https://quizlet.com/1164371070/aml-exam-anti-money-laundering-webce-aml-exam-anti-money-laundering-webce-all-chapter-questions-2026-flash-c… 1/20
,4/6/26, 8:44 AM AML EXAM ANTI-MONEY LAUNDERING WEBCE (AML EXAM ANTI-MONEY LAUNDERING WEBCE ALL CHAPTER QUESTIONS…
A customer has purchased over a c. layering
dozen life insurance and annuity
contracts over the past year, using That's correct! Money laundering is a process that
cashier's checks to pay the moves illegal money through three stages on its
premiums. If this action is part of a way to apparent legitimacy: placement, layering,
money laundering operation, which and integration. The second stage, layering, is
stage does it represent? achieved by using cash or cash equivalents to
a. acquisition purchase multiple financial instruments that can
b. placement subsequently be converted into clean money.
c. layering
d. integration
All of the following are federal laws b. the Fair Credit Reporting Act of 1972
or related rulings that have a direct
impact on anti-money laundering That's correct! The USA PATRIOT Act expands the
requirements EXCEPT: AML directives of the Bank Secrecy Act, and
FinCEN's final rules amended the USA PATRIOT Act
a. the Bank Secrecy Act of 1970 to address the insurance company needs. The
b. the Fair Credit Reporting Act of FCRA does not directly relate to money laundering.
1972
c. the USA PATRIOT Act of 2001
d. the FinCEN final rules published
November 2005
Under FinCEN's final rules as they b. False
apply to insurance companies,
agents and brokers are required to That's correct! Agents and brokers are not required
establish and maintain their own AML to establish separate AML programs; however, as
programs and procedures. integral as they are to the insurance business and
the insurance sales process, they have an important
a. True role to play in assisting their companies with AML
b. False efforts.
https://quizlet.com/1164371070/aml-exam-anti-money-laundering-webce-aml-exam-anti-money-laundering-webce-all-chapter-questions-2026-flash-c… 2/20
, 4/6/26, 8:44 AM AML EXAM ANTI-MONEY LAUNDERING WEBCE (AML EXAM ANTI-MONEY LAUNDERING WEBCE ALL CHAPTER QUESTIONS…
As part of the life insurance c. the beneficiary's date of birth
application process in compliance
with AML requirements, producers That's correct! Required information includes the
are required to obtain all of the applicant's full legal name, date of birth, residential
following information EXCEPT: address, and SSN or TIN. Beneficiary information is
not required.
a. the applicant's Social Security or
tax identification number
b. the applicant's residential address
c. the beneficiary's date of birth
d. the applicant's full legal name
All of the following are required b. certifying every employee and appointed
elements of an insurance company's producer with FinCEN
AML program EXCEPT:
That's correct! The USA PATRIOT Act requires
a. designating an AML compliance companies to develop and implement an AML
officer program, designate an AML compliance officer,
b. certifying every employee and maintain an ongoing training program, and
appointed producer with FinCEN periodically test the AML program through an
c. maintaining an ongoing training independent audit. While employees and
program appointed producers are expected to know and
d. periodically testing the AML comply with a company's AML program, they are
program through independent audit not required to receive FinCEN (or any other)
certification.
https://quizlet.com/1164371070/aml-exam-anti-money-laundering-webce-aml-exam-anti-money-laundering-webce-all-chapter-questions-2026-flash-c… 3/20
