AMLS Test Questions (Latest 2023 / 2024)
Complete Questions & Answers 100% Correct
- What are the four elements of fraud?
Answer:
- Material false statement
- Knowledge that statement is false
- Reliance on false statement
- 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?
Answer: Balance sheet & Income statement
- What is a financial statement that summarizes a company's assets, liabil- ities
(what you own and what you owe) plus the net worth at a specific point in time?
Answer: Balance sheet
- / 2
- What is a financial statement that reports a company's revenue and ex-
penses and profit/loss over a specific period of time?
Answer: Income statement
- What is a division of the United States Treasury Department whose goal is
to prevent and punish criminals and criminal networks that participate in money laundering?
Answer: FINCEN (Financial Crimes Enforcement Network)
- What is a report that US financial institutions are required to file for each
deposit, withdrawal or exchange of currency in excess of $10,000?
Answer: CTR (Currency Transaction Report)
- What is a report that financial institutions must file following a suspected
incident of money laundering, fraud or other violation of the law?
Answer: SAR (Suspicious Activity Report)
- What is a form that needs to be filed by any person in a trade or business who
receives more than $10,000 in cash in a single transaction or related transactions?
Answer: Form 8300
- What is the central bank of the United States, founded in 1913 to provide the
nation with a safe, flexible and stable monetary and financial system?
Answer: - The Federal Reserve
- / 2