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Question 1:

How do drug traffickers and other criminals use the fine art industry to disguise illicit proceeds?

A. They use forged or fraudulent invoicing of priceless works of art by auction houses

B. They commingle legitimate and illicit proceeds by principals for payment of fine art

C. They immediately resell priceless works of art after purchase from a foreign auction house

D. They use anonymous agents to buy the art and have the payment wired from offshore havens

Correct Answer: D


Question 2:

An anti-money laundering specialist at a large institution is responsible for information senior management about the status of the anti-money laundering program across the organization.

Which report is the most useful?

A. The total credit exposure for non-cooperative countries and territories

B. Results of related audits and examinations

C. Details on inquires received from law enforcement

D. Notification of management changes in the different major divisions

Correct Answer: B


Question 3:

What is most valuable when using the internet as an investigative source?

A. A team of AML investigators

B. A reference list of websites known to yield credible information

C. A combination of independent thinking and technical skills

D. A powerful search engine

Correct Answer: B


Question 4:

What should senior management do in order to promote a culture of anti-money laundering compliance?

A. They should include compliance with AML procedures as condition of employment

B. They should attend all training sessions with front-line employment

C. They should have close ties with the independent auditors of the AML program

D. They should base employeecompensation on the amount of suspicious activity they detect

Correct Answer: A


Question 5:

Which three are principles found in the document “Principles of information Exchange between Financial Intelligence Units (FIUs)”?

A. The exchange of information between FIUsshould take place as informally and as rapidly as possible and with no prerequisites, while guaranteeing protection of privacy and confidentiality of the shared data

B. Differences in the definition of offenses that fall under the competence of FIUs should be before free exchange of information takes place

C. The Egmont principle of free exchange of information at the FIU level should be possible on the basis of reciprocity, including spontaneous exchange

D. It should be possible for communication betweenFIUs to take place directly and without intermediaries

Correct Answer: ACD


Question 6:

What are three risk factors a financial institution should examine with regard to a proposed new product?

A. The complexity of the product

B. The need to verify theidentification of the customer

C. Whether the product is easily transferable

D. Whether other financial institutions are marketing the product

Correct Answer: ABC


Question 7:

In some instances, a financial institution may receive a warrant from law enforcement authorities to search its premises. A search warrant is a grant of permission from a court for a law enforcement agency to search certain designated premises and seize specific categories of items or information. Generally, what is the required threshold for the requesting agency to establish in order to obtain a search warrant of a financial institution?

A. Reasonable belief

B. Probable cause

C. A preponderance of the evidence

D. Clear and convincing proof

Correct Answer: B


Question 8:

Which three characteristics make non-profit organizations vulnerable to misuse for terrorist financing?

A. Enjoying the public trust

B. Having access to a considerable sources of funds

C. Being listed as government nonprofit organization

D. Having a global presence fornational and international operations and financial transactions

Correct Answer: ABD


Question 9:

An anti-money laundering specialist at a financial institution has received a legal request to provide all transaction records for a specific individual since 2004. Which three items should be delivered?

A. Monthly statements and transaction activities for that individual since 2004

B. All wire transfer for that individual since 2004

C. All security trading activities for that individual since 2004

D. Signature cards from accounts opened by that individual since 2004

Correct Answer: ABC


Question 10:

How do payable through accounts (PTAs) differ from normal foreign correspondent accounts?

A. The customers do not have to worry about sanctions list screening such as OFAC

B. The customers have the ability to directly control funds at the correspondent bank

C. The customers can contact the correspondent bank directly to send wire transfers

D. The customers can hide their identity through the use of cover payments in U.S. dollars

Correct Answer: B


Question 11:

What is the term for trading through multiple accounts, where an individual generates offsetting profits and losses and transfers of positions through accounts that do not appear to be commonly controlled?

A. Ponzi scheme

B. Market Manipulation

C. Net Trading

D. Wash Trading

Correct Answer: D


Question 12:

The Wolfsberg Principles for Private Banking list circumstances that would require additional due diligence, including activities that involve which three of these choices?

A. Foreign jurisdictions

B. High Risk Countries, including those identified by credible sources as having inadequate Anti- Money Laundering standards

C. High Risk activities, involving clients and beneficial owners whose source of wealthoriginates from activities known to be vulnerable to money laundering

D. Public officials, including those individuals who have or had positions of public trust

Correct Answer: BCD


Question 13:

Which three are examples of best practices terms of ensuring an adequate AML program?

A. Engage an independent party to perform a periodic review of the program

B. Review applicable domestic and international AML guidance

C. Perform a risk analysis on a regular basis and compare it to the coverage of the AML program

D. Review the accuracy of account opening applications

Correct Answer: BCD


Question 14:

Which three statements are true regarding the extraterritorial reach of laws and legislation of the U.S.?

A. The criminal anti-money laundering law can apply totransactions that occur partially overseas

B. Economic and trade sanctions by OFAC may pose extraterritorial risks for financial institutions and businesses outside the U.S.

C. The extraterritorial reach covers all transactions throughout the global economy

D. The defendant does not need to know the funds came from an illegal activity under state, federal or foreign law

Correct Answer: ABD


Question 15:

What is a criterion for FATF membership?

A. The country should be democracy

B. The country should be amember of a FATF-style regional body

C. The country should have already implemented all of the FATF Recommendations

D. The country should have already implemented the standards of the European Union Directives

Correct Answer: B