AML Exam CE Questions and Correct Answers 100

AML Exam (CE) Questions and Correct Answers 100% Verified

• The information an insurance agent must collect for customer identification purposes depends on
• the amount of money the customer is worth.
• The amount of money the customer spends.
• whether the insurance product the customer is purchasing at a low or high risk for money laundering.
• the size and resources of the insurance company. - Correct Answer c. Whether the insurance product

under consideration is at a low or high risk for money laundering

• When Tom Jensin mixes illicit and legal funds and then uses the money to purchase a new car, he is

practicing.

• rebating
• diversification
• integration
• smurfing - Correct Answer c. integration
• When a client gives an insurance agent $14,000 in cash for an insurance transaction, the agent is

obligated to

• consult with a lawyer
• file a CTR
• call the police
• do nothing - Correct Answer b. file a CTR
• Federal staff have surveyed the ABC insurance company and determined that it is in compliance with

the USA PATRIOT act of 2001 because it has all of the following Except.

• a customer identification and verification program
• a suspicious activity monitoring and reporting system
• a fire safety committee
• an employee training program. - Correct Answer d. an employee training program
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