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Welcome to CCFA Study Questions

1) The default model that deals with fraud has which of the following stages?
2) 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?
3) 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?
4) What are three practical tips in interviewing employees with regard to an unusual or suspicious transaction that they have witnessed?
5) A financial institution branch manager who has been in place for over ten years has not taken a vacation for almost four years. The company does not allow employees to roll vacation over from year to year. An AML compliance officer has noticed unusual activity in several accounts at the branch location. What should the AML officer do?
6) A bank in Italy holds a business account for an Italian company that sells gold throughout Europe and the Western Hemisphere. The bank knows the purpose of this account is to receive payment for sales. A review of the account shows a pattern of wire transfers coming from payable-through accounts. There is also a pattern of purchases of gold bullion held in Swiss banks. The MOST important factor in assessing whether money laundering is a threat is that the:
7) Which three of the following statements are true?
8) Which of the following statements is true?
9) What is the definition of a predicate offense?
10) When drafting an AML policy, which of the following internal parties is most important to have approve the policy?

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