Aml stuvia - Study guides, Class notes & Summaries

According to AML/CFT risk categories, __________ customers may include PEPs, certain types of MSBs, or cash intensive businesses. - ANSWER High risk Examples of high risk customers - ANSWER PEPs, MSBs, cash intensive businesses When assessing the ML risks of various territories and countries, which of the following can a financial institution consider? - ANSWER 1. Terrorism and sanctions lists published by governments and international organizations 2. Overall reputation of the countries ...

According to the AML risk categories, __ customers may include PEPs or certain types of MSBs or cash intensive businesses - ANSWER High risk When assessing the money laundering risks of various territories and countries, which of the following can a financial institution consider? - ANSWER All of the above (the terrorism and sanctions lists published by governments and international organizations; the overall reputation of the countries in question; updates and inputs from major news outlets)...

According to the AML/CTF risk categories _____ customers may include politically exposed persons or certain types of money services businesses or cash intensive businesses. a. Prohibited b. High Risk c. Medium Risk d. Low Risk - ANSWER b. High risk When assessing the money laundering risks of various territories and countries, which of the following can a financial institution consider? a. The terrorism and sanctions lists published by governments and intentional organizations b. the ov...

. The information an insurance agent must collect for customer identification purposes depends on a. the amount of money the customer is worth. b. The amount of money the customer spends. c. whether the insurance product the customer is purchasing at a low or high risk for money laundering. d. the size and resources of the insurance company. -ANSWER c. Whether the insurance product under consideration is at a low or high risk for money laundering 2. When Tom Jensin mixes illicit and lega...

What are the four elements of fraud? - ANSWER 1. Material false statement 2. Knowledge that statement is false 3. Reliance on false statement 4. Financial loss What is the distinct difference between a fraud and an attempted fraud? - ANSWER Financial loss What is the process of making illegally obtained proceeds appear legal? - ANSWER Money laundering What two financial statements are usually provided by a business to a financial institution when trying to secure a business loan? - A...

What are the four elements of fraud? - ANSWER 1. Material false statement 2. Knowledge that statement is false 3. Reliance on false statement 4. Financial loss What is the distinct difference between a fraud and an attempted fraud? - ANSWER Financial loss What is the process of making illegally obtained proceeds appear legal? - ANSWER Money laundering What two financial statements are usually provided by a business to a financial institution when trying to secure a business loan? - A...

According to the AML risk categories, __ customers may include PEPs or certain types of MSBs or cash intensive businesses - ANSWER High risk When assessing the money laundering risks of various territories and countries, which of the following can a financial institution consider? - ANSWER All of the above (the terrorism and sanctions lists published by governments and international organizations; the overall reputation of the countries in question; updates and inputs from major news outlets)...

According to AML/CFT risk categories, __________ customers may include PEPs, certain types of MSBs, or cash intensive businesses. - ANSWER High risk Examples of high risk customers - ANSWER PEPs, MSBs, cash intensive businesses When assessing the ML risks of various territories and countries, which of the following can a financial institution consider? - ANSWER 1. Terrorism and sanctions lists published by governments and international organizations 2. Overall reputation of the countries ...

According to the AML/CTF risk categories _____ customers may include politically exposed persons or certain types of money services businesses or cash intensive businesses. a. Prohibited b. High Risk c. Medium Risk d. Low Risk - ANSWER b. High risk When assessing the money laundering risks of various territories and countries, which of the following can a financial institution consider? a. The terrorism and sanctions lists published by governments and intentional organizations b. the ov...

1. The information an insurance agent must collect for customer identification purposes depends on a. the amount of money the customer is worth. b. The amount of money the customer spends. c. whether the insurance product the customer is purchasing at a low or high risk for money laundering. d. the size and resources of the insurance company. -ANSWER c. Whether the insurance product under consideration is at a low or high risk for money laundering 2. When Tom Jensin mixes illicit and leg...