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Welcome to CCFA Study Questions

1) The Third EU Money Laundering Directive of 2005 applies to which of the following firms?
2) The majority of frauds are committed by:
3) A financial institution’s internal audit department has found an issue with an AML process involving the AML compliance officer’s efforts to conduct sufficient account monitoring on certain products offered by the institution. The AML compliance officer should do which of the following?
4) With regard to exchanges of information between FIUs of different countries, what are three controlling principles?
5) Which statement is true? Lawyers:
6) In which case might a Suspicious Transaction Report NOT be necessary?
7) Why is a Payable Through Account vulnerable to money laundering?
8) When a financial institution is responding to a formal criminal investigation by a law enforcement agency, what is the primary purpose of requiring information going through a central point within the institution?
9) Which of the following statements is true? Correspondent banking is MOST vulnerable to money laundering when the correspondent account is:
10) What is the reasoning behind implementing a “risk-based anti-money laundering approach”?

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