AML Exam (CE) Questions and Answers | Latest Version | 2024/2025 | Graded A+
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AML Exm
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AML Exm
AML Exam (CE) Questions and Answers
| Latest Version | 2024/2025 | Graded A+
What is the primary purpose of anti-money laundering (AML) laws?
- To increase bank profits
- To enhance customer experience
- To prevent and detect money laundering and terrorist financing
To ensure financial i...
AML Exam (CE) Questions and Answers
| Latest Version | 2024/2025 | Graded A+
What is the primary purpose of anti-money laundering (AML) laws?
- To increase bank profits
- To enhance customer experience
- To prevent and detect money laundering and terrorist financing
✔✔ To ensure financial integrity and compliance
What is one common method used by money launderers to obscure the origin of illicit funds?
- Investing in real estate
✔✔ Structuring transactions to avoid detection
- Purchasing high-value collectibles
- Using multiple bank accounts to deposit small amounts
What key document must financial institutions file when a transaction exceeds a certain
threshold?
1
, ✔✔ Currency Transaction Report (CTR)
- Suspicious Activity Report (SAR)
- Financial Action Task Force Report (FATF)
- Anti-Money Laundering Report (AMLR)
What is the main function of a Suspicious Activity Report (SAR)?
- To report large transactions
✔✔ To report suspicious or potentially illegal activity
- To document customer complaints
- To track routine business operations
How often should a financial institution’s AML program be reviewed and updated?
- Every 10 years
- Every 5 years
✔✔ Regularly, and as needed based on regulatory changes or identified risks
2
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