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Welcome to CCFA Study Questions

1) Which three of the following statements are true?
2) An AML compliance officer is looking to establish a suspicious activity reporting process at her small institution. Which of the following would be the best course of action?
3) The compliance officer reads about a large potential fraud case in the morning newspaper. When the officer gets to the bank, the officer uncovers the fact that the potential fraud case involves an important customer of the bank. After doing an internal investigation, the officer determines that there is no suspicious activity in the customer’s accounts. What should the officer do next?
4) Which of the following is the most difficult regulatory challenge facing a foreign financial institution with a correspondent banking relationship in the U.S.?
5) What three steps should be taken when there is a criminal investigation that is targeting the bank itself?
6) The FATF has consistently noted the use of casinos in money laundering schemes in its annual typologies reports. One laundering technique involving casinos is:
7) The Reporting Officer of a financial institution should:
8) 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?
9) Marie, a compliance officer at a financial institution, attends an annual AML-industry conference and learns of a new regulation that will impact her current AML processes. The regulatory environment has been relatively stable within the industry for several years, but Marie is glad she attended this conference to get news of the new requirements. What should Marie do to stay abreast of future changes in requirements?
10) A financial institution is looking to establish an online account opening service. The institution plans to offer this product to new and existing customers within the country. Which of the following would be the best plan of action for an AML specialist to recommend enabling the institution to verify the customer’s identity?

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