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Updated Nov 05, 2025 84 Questions 6 Pages

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Question 76 Selectable Answer

Which product is considered to be of highest money laundering risk?

A. Credit cards
B. Savings accounts
C. Time deposit accounts
D. International wire transfers

Answer:
Explanation:
You cannot make international money transfers unless the money is credited to the account. So first priority saving account, subsequent risk international wire transfer "A savings account, as well as a checking account, can be one of the riskiest financial instruments for money laundering operations given the ease with which it can be opened and operated".

Question 77 Selectable Answer

What is the most effective criterion for determining the beneficial ownership of funds?

A. Having signature authority over the account
B. Being the person in whose name an account is opened with a financial institution
C. Having control over such funds or entitlement to such funds
D. Being a person who is the trusted party in a correspondent banking relationship

Answer:

Question 78 Selectable Answer

What is an example of the integration stage of money laundering involving a bank or another deposit-taking institution?

A. Depositing illicit funds into an account set up for a front company
B. Directing third parties to exchange illicit cash for negotiable instruments
C. Wiring illicit funds from an account at one bank to an account at another bank
D. Using illicit funds that had previously been deposited to purchase a luxury vehicle

Answer:
Explanation:
Reference: https://www.moneylaundering.ca/public/law/3_stages_ML.php

Question 79 Selectable Answer

A bank receives a wire transfer that references the sale of equipment to a sanctioned company. The bank's operations team removes the sanctioned company reference and allows the wire transfer to process.
This is a description of what type of activity?

A. U-turn payment
B. Cover payment misuse
C. Layering
D. Wire stripping

Answer:

Question 80 Selectable Answer

Which method is used to launder money in casinos?

A. Purchase chips with cash and play at a table
B. Purchase chips with cash and redeem for cash
C. Purchase chips with cash and redeem for a check
D. Purchase chips with cash and sell to another person for cash

Answer:

Question 81 Selectable Answer

Which method do terrorist financiers use to move funds without leaving an audit trail?

A. Extortion
B. Cash couriers
C. Casa de cambio
D. Virtual currency

Answer:
Explanation:
Reference: https://www.fatf-gafi.org/media/fatf/documents/reports/FATF%20Terrorist%20Financing%20Typologies%20Report.pdf (24)

Question 82 Selectable Answer

Which scenario is closest to the definition of money laundering the United Nations Convention against Transnational Organized Crime and Other Protocols provided?

A. Filing a suspicious transaction report when you know or suspect money laundering is taking place
B. Knowingly financing a resort development with the proceeds of arms trafficking
C. Assisting a client in a property conveyance by effecting the transfer of ownership from the seller to the purchaser when you don’t know the purchaser
D. Discussing your suspicions with a client, thus giving the client the opportunity to switch service providers and to cover his tracks in future transactions

Answer:

Question 83 Selectable Answer

A compliance officer provides an overview of the bank’s anti-money laundering program to a group of newtellers during employee orientation.
Which training element should be delivered to this audience?

A. Results of recent risk assessments
B. Large cash transaction reporting procedures
C. The financial institution’s surprise cash audit policy
D. Past check fraud losses incurred by the financial institution

Answer:
Explanation:
As the compliance officer is providing overview of the "bank's anti-money laundering program to a group of new tellers during employee orientation"

Question 84 Selectable Answer

When implementing a risk-based approach related to casinos, which risks are related to the customer as an individual? (Choose two.)

A. Transfer between customers
B. Casual customers
C. Improper use of third parties as customers
D. Customer from a high-risk country
E. Use of casino deposit accounts by the customer

Answer:

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