AML Certification Practice questions with correct answers

AML Certification Practice questions with correct answers Which of the following is not a common element in money laundering schemes? - ANSWER-A bank account with consistently routine activity Which of the following sequences accurately reflects the money laundering process? - ANSWER-Placement, layering, integration All of the following are minimum standards a financial institution must follow to verify the identity of customers at account opening EXCEPT to - ANSWER-Check the person's name against the FATF list Financial professionals should consider all of the following in any transaction with a client EXCEPT - ANSWER-Number of dependents Financial Institutions are required to trace the source of all funds belonging to foreign persons or institutions when - ANSWER-A primary money laundering concern has been identified All of the following are essential components of a formal Anti-Money laundering program under the USA PATRIOT Act EXCEPT a(n) - ANSWER-Program coordinator with FATF Treasury Department that provides U.S. policy markers with strategic analysis of domestic and worldwide money laundering developments, trends, and patterns? - ANSWER-FinCEN Which of the following laws made money laundering a crime? - ANSWER-MLCA Which of the following is money laundering? - ANSWER-Paying for an annuity with money made from selling drugs Which o