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Welcome to CCFA Study Questions

1) After collecting and reviewing all of the appropriate documentation in preparation for the filing of an STR, what should the compliance officer do with the documentation?
2) Typically, when should a financial institution file an STR?
3) What are three factors a prosecutor should take into consideration in deciding whether to bring criminal charges against a financial institution?
4) Which statement is true?
5) The default model that deals with fraud has which of the following stages?
6) According to the FATF 40 Recommendations, the threshold for identifying occasional customers at financial institutions is:
7) 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?
8) When assessing a new product, which of the following should be considered as part of the assessment from an AML perspective?
9) What are the three classic gateways for international cooperation and sharing?
10) In conducting a criminal investigation, what are three things that the law enforcement investigators should do?

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