AML Exam (CE) with correct aswers
1. |The |information |an |insurance |agent |must |collect |for |customer |identification |purposes |depends
|on
a. |the |amount |of |money |the |customer |is |worth.
b. |The |amount |of |money |the |customer |spends.
c. |whether |the |insurance |product |the |customer |is |purchasing |at |a |low |or |high |risk |for |money
|laundering.
d. |the |size |and |resources |of |the |insurance |company. |- |correct |answer |-c. |Whether |the |insurance
|product |under |consideration |is |at |a |low |or |high |risk |for |money |laundering
2. |When |Tom |Jensin |mixes |illicit |and |legal |funds |and |then |uses |the |money |to |purchase |a |new |car,
|he |is |practicing. |
a. |rebating |
b. |diversification
c. |integration |
d. |smurfing |- |correct |answer |-c. |integration
3. |When |a |client |gives |an |insurance |agent |$14,000 |in |cash |for |an |insurance |transaction, |the |agent |is
|obligated |to
a. |consult |with |a |lawyer
b. |file |a |CTR
c. |call |the |police
d. |do |nothing |- |correct |answer |-b. |file |a |CTR
4. |Federal |staff |have |surveyed |the |ABC |insurance |company |and |determined |that |it |is |in |compliance
|with |the |USA |PATRIOT |act |of |2001 |because |it |has |all |of |the |following |Except. |
a. |a |customer |identification |and |verification |program
b. |a |suspicious |activity |monitoring |and |reporting |system
c. |a |fire |safety |committee
1. |The |information |an |insurance |agent |must |collect |for |customer |identification |purposes |depends
|on
a. |the |amount |of |money |the |customer |is |worth.
b. |The |amount |of |money |the |customer |spends.
c. |whether |the |insurance |product |the |customer |is |purchasing |at |a |low |or |high |risk |for |money
|laundering.
d. |the |size |and |resources |of |the |insurance |company. |- |correct |answer |-c. |Whether |the |insurance
|product |under |consideration |is |at |a |low |or |high |risk |for |money |laundering
2. |When |Tom |Jensin |mixes |illicit |and |legal |funds |and |then |uses |the |money |to |purchase |a |new |car,
|he |is |practicing. |
a. |rebating |
b. |diversification
c. |integration |
d. |smurfing |- |correct |answer |-c. |integration
3. |When |a |client |gives |an |insurance |agent |$14,000 |in |cash |for |an |insurance |transaction, |the |agent |is
|obligated |to
a. |consult |with |a |lawyer
b. |file |a |CTR
c. |call |the |police
d. |do |nothing |- |correct |answer |-b. |file |a |CTR
4. |Federal |staff |have |surveyed |the |ABC |insurance |company |and |determined |that |it |is |in |compliance
|with |the |USA |PATRIOT |act |of |2001 |because |it |has |all |of |the |following |Except. |
a. |a |customer |identification |and |verification |program
b. |a |suspicious |activity |monitoring |and |reporting |system
c. |a |fire |safety |committee
