C - ANSWER the USA PATRIOT Act was passed in:
A) 1970
B) 1985
C) 2001
D) 2007
D - ANSWER The three stages of money laundering are:
A) Layering, Placement, Refining
B) Placement, Refining, Integration
...
C - ANSWER the USA PATRIOT Act was passed in:
A) 1970
B) 1985
C) 2001
D) 2007
D - ANSWER The three stages of money laundering are:
A) Layering, Placement, Refining
B) Placement, Refining, Integration
C) Refining. Integration, Layering
D) Integration, Layering, Placement
D - ANSWER Which of the following would be satisfactory elements of an Anti-Money Laundering Program?
I - A CAMS certified employee in the Investigations Unit writes up a few policies and procedures and posts them on the department bulletin board.
II - Shortly after attaining their CAMS certification, the individual provides AML training to the Investigations Unit.
III - The CAMS certified individual routinely reviews the work of the Investigations Unit.
IV - The CAMS certified individual assumes the responsibility of a compliance watchdog.
A) All of the above would be satisfactory
B) II and IV would be satisfactory
C) I and III would be satisfactory
D) None of the above would be satisfactory
The correct answer would be "D - None of the above would be satisfactory."
I - The AML program must be approved by the Board of Directors.
II - An AML training program is required of all personnel (and contractors).
III - The review of the bank's Financial Intelligence Department, as part of the audit of the AML program, must be performed by an independent (and knowledgeable) party.
IV - The Compliance Officer must be appointed by the Board of Directors (or upper management with the Board's approval).
D - ANSWER In determining what risks a customer poses, which consideration should NOT be a major factor?
A) Where the customer resides or where the business is headquartered.
B) What is the size of your financial institution.
C) What occupation or
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