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AML - Anti-Money Laundering for Insurance/Securities Professionals
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Avg score: 55% • Most missed: “A firm's AML program must be approved in writing by:”
This quiz focuses on AML in insurance, investments, and securities – where products look “legit”, but can quietly be used to move or hide money. It connects AML ideas to the policies and accounts you see every day. What you should know for this topic Why life insurance, annuities, and investment products can attract launderers How to think about “source of funds” and “source of wealth” for higher-risk clients What makes a transaction pattern suspicious in an investment or insurance context Why beneficial ownership matters in complex, layered structures How sanctions screening and... Show more
AML - Anti-Money Laundering for Insurance/Securities Professionals
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23 Questions

1. Making wire transfers between different accounts with different names is an example of:

2. What must take place if there are any changes in the firm's senior management?

3. Which of the following are common methods often used in the placement stage of the money laundering process?

4. According to the CIP Rule, when an account is opened by an individual who has power-of-attorney for an individual who lacks legal capacity, the customer" would be the:"

5. ________ is the designated administrator of the Bank Secrecy Act (BSA).

6. The Bank Secrecy Act requires banks to report cash transactions over:

7. Which of the following would be considered a high-risk customer?

8. According to the CIP Rule, when an account is opened by an individual who has power-of-attorney for a competent person, the customer" would be the:"

9. A CIP must provide customers with notice that the financial institution will request identity verification:

10. Correspondent accounts are:

11. The riskiest stage of the laundering process is ___________, whereas ____________ is the most complicated.

12. A financial institution is required to produce account information relating to foreign bank accounts within _______ in response to requests from federal law enforcement.

13. Smurfing" occurs in the ________ stage of money laundering."

14. Firms are required to develop procedures to maintain the confidentiality of SAR filings and to maintain copies of SARs for:

15. The intent of the USA PATRIOT Act is to:

16. Broker/dealers are required to file Currency Transaction Reports (CTRs) for transactions involving currency that exceeds:

17. Which of the following is NOT an example of a high-risk business?

18. The three stages of money laundering:

19. A firm's AML program must be approved in writing by:

20. Section 359 amends the BSA definition of 'money transmitter' to ensure that _____________ are defined as financial institutions and are, therefore, subject to the BSA.

21. Banks and broker/dealers are prohibited from having correspondent accounts for any foreign bank that:

22. What must take place if any subsequent changes are made to a firm's AML program?

23. The USA PATRIOT Act requires financial institutions to:

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