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Welcome to CCFA Study Questions

1) Joe, the compliance officer for a small bank, has noticed that new regulations now require reporting on cross- border transactions that exceed a certain threshold. What is appropriate set of next steps for Joe to take to prepare his bank for the new requirements?
2) About an hour before closing time, a construction worker comes to a financial institution and wants to provide cash in exchange for sending money abroad. It is the middle of summer and the customer indicates that he’s been outside for the bulk of the day and needs to send money to a family member who is in another country. Which of the following would be considered the biggest concern with the customer and his request?
3) When should a compliance officer recommend that a financial institution conduct an internal investigation? Choose three out of four.
4) In conducting a criminal investigation, what are three things that the law enforcement investigators should do?
5) What are three of the recommended ways to respond to a law enforcement inquiry?
6) Of the following scenarios, which two are potential red flags indicating possible suspicious activity that should be investigated further?
7) Which three of the following statements are true?
8) Most frauds are committed by
9) Susan works as a senior Money Laundering Reporting Officer at XYZ Bank. She is taking a closer look at the activity of several customers. What would arouse her suspicion the MOST?
10) When drafting an AML policy, which of the following internal parties is most important to have approve the policy?

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