AML/BSA

A detailed infographic about Anti-Money Laundering and Bank Secrecy Act practices, featuring icons of money, documents, and security symbols in a professional color palette.

AML/BSA Awareness Quiz

Test your knowledge on Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) regulations. This quiz is designed for finance professionals, compliance officers, and anyone interested in understanding the complexities of financial crimes.

Multiple-choice questions covering key concepts
Enhance your understanding of risk in the securities broker-dealer industry
Improve your compliance knowledge to prevent money laundering

12 Questions3 MinutesCreated by NavigatingRisk527

Which of the following is not an aspect of the securities broker-dealer industry that increases its exposure to money laundering?

The use of wire transfers from, to, and through one jurisdiction

The competitive and commission-driven environment

The speed of transactions

The international nature and exposure

When presented with a search warrant, an institution should NOT consider taking which of the following step?

Ask for a copy of law enforcement's inventory of what they have seized

Write down the names and agency affiliations of the agents who conduct the search

Allow the agents who say that they have a warrant to search the premises

Call the financial institution's in-house or outside counsel and/or designated officer in charge of security, risk management, or similar areas

Which of the following should NOT be included in a nation's written commitment at a political level when joining the FATF?

An endorsement of the FATF's 40 Recommendations

An agreement to participate in the FATF and meet all commitments

An agreement to report all major money laundering offenses in that nation to the FATF

An agreement to undergo a mutual evaluation during the membership process

Which of the following is described as the potential that adverse publicity regarding an organization's business practices and associations, whether accurate or not, will cause a loss of public confidence in the integrity of the organization?

Reputational Risk

Operational Risk

Legal Risk

Concentration Risk

Which of the following is NOT a characteristic of a risk-based approach that make it the preferred method of allocating resources?

Flexible

Extensive

Effective

Proportionate

Which of the following is a type of structuring that is done at extremely small levels that it is difficult to detect?

Macro Structuring

Layering

Microstructuring

Smurfing

What is the acronym for mandatory national agencies that handle financial intelligence?

FIUs

FICs

DGLs

G-SIBs

Which of the following is NOT the likely effect of money laundering?

Lowered reputational risk for the country

Economic distortion and instability

Increased risks to privatization efforts

Increased social costs

Which of the following should not be one of the factors that an institution should consider when deciding to close an account?

Whether the conduct has risen to a level where an account would ordinarily be closed

The reputational risk to the firm

Communication with law enforcement and requests from law enforcement to close or maintain the account

The importance of the account to the firm's business success

Which of the following needs to be approved by executive management or the board of directors?

Policies

Procedures

Controls

Job Aids

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