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Welcome to CCFA Study Questions

1. A customer at a brokerage firm indicated that he was primarily a conservative, long-range investor. The customer has recently been engaging in day trading in penny stocks. What should an AML compliance officer do in such a situation?
2. The default model that deals with fraud has which of the following stages?
3. The compliance officer is trying to put together a set of procedures for handling the documentation that supports the filing of an STR. What should the compliance officer recommend to be part of these procedures?
4. When drafting an AML policy, which of the following internal parties is most important to have approve the policy?
5. Which three statements are true about the 3rd EU Directive on Money Laundering of 2005? It:
6. When a financial institution is served with a search warrant by a law enforcement agency, what are three things that the employees of the institution should do?
7. The greatest risk for money laundering is for casinos that
8. An anti-money laundering specialist is employed by a large bank. An account owner is well-known to the specialist and the account has been open at the bank for several years. The specialist noticed that financial instruments have been deposited in a suspicious manner over the last four months, leading him to file two Suspicious Transaction Reports (STRs) on the account. Recently, suspicious activity involving high-risk countries has been detected over the last few days. Various law enforcement agencies have called to discuss the STRs with the specialist. The specialist has asked the agents whether they think the relationship with the customer should be terminated. These agents advised that this a business decision for the bank to make. The specialist has kept the legal advisors and upper management apprised of the activity and has provided them copies of the STRs. Which of the following should the specialist recommend?
9. The compliance officer is trying to put together a set of procedures for handling the decision of whether or not to file an STR. What should the compliance officer recommend to be part of these procedures?
10. What are the three classic gateways for international cooperation and sharing?

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