AML/BSA
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
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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