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AML Exam Questions and Answers | Latest Version | 2024/2025 | Graded A+ $9.74   Add to cart

Exam (elaborations)

AML Exam Questions and Answers | Latest Version | 2024/2025 | Graded A+

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AML Exam Questions and Answers | Latest Version | 2024/2025 | Graded A+ What is the primary goal of anti-money laundering (AML) regulations? - To increase financial transaction fees To prevent and detect money laundering and terrorist financing - To enhance investment opportunities - To ...

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  • August 18, 2024
  • 19
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • AML
  • AML
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AML Exam Questions and Answers |
Latest Version | 2024/2025 | Graded A+
What is the primary goal of anti-money laundering (AML) regulations?

- To increase financial transaction fees


✔✔ To prevent and detect money laundering and terrorist financing


- To enhance investment opportunities

- To simplify financial transactions




Which of the following is a common method used to launder money?


✔✔ Structuring transactions to avoid detection


- Increasing interest rates

- Decreasing the number of transactions

- Reducing account balances




What does the Know Your Customer (KYC) process involve?


✔✔ Verifying the identity and financial background of clients


- Investing in customer growth strategies

- Tracking customer transaction history only

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,- Monitoring competitor activities




Which entity typically enforces AML regulations in financial institutions?

- Marketing departments

- Customer service teams


✔✔ Regulatory authorities and financial watchdogs


- Human resources departments




What is a Suspicious Activity Report (SAR)?


✔✔ A report filed when a financial institution detects suspicious or potentially illegal activities


- A summary of financial institution profits

- A routine transaction report for all clients

- An employee performance review document




Which of the following is a red flag for potential money laundering?


✔✔ Large, frequent cash transactions with no clear business purpose


- Small, infrequent transactions

- Transactions within the customer’s usual spending patterns


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, - Regular payments of bills and subscriptions




How often should financial institutions update their AML compliance programs?

- Only when new employees are hired

- Annually


✔✔ Periodically, and whenever there are changes in regulations or operations


- Once every five years




What is the role of AML training for employees in financial institutions?


✔✔ To educate employees on recognizing and reporting suspicious activities


- To enhance their sales skills

- To improve customer relationship management

- To increase their knowledge of financial products




Which international organization sets global standards for anti-money laundering efforts?


✔✔ Financial Action Task Force (FATF)


- International Monetary Fund (IMF)

- World Trade Organization (WTO)


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