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Welcome to CCFA Study Questions

1) According to the FATF 40 Recommendations, “designated non-financial businesses and professions” include:
2) The following elements are crucial in creating a culture of honesty except:
3) 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?
4) Which statement is true regarding the risk of Politically Exposed Persons (PEPs)?
5) Establishing compliance as a key responsibility for every employee of a financial institution is best performed how?
6) Which of the following is the most common method of laundering money through a legal money
services business?
7) When a bank receives a subpoena for information about a specific account, what two steps should the compliance officer take?
8) An AML compliance officer was reviewing customers at XYZ Bank and one of the customers (Mr. Sam Tropicana) attracted her attention. Through a period of several months, cash deposits and withdrawals were transacted through his account with amounts ranging between US $7,500 and US $17,000. In addition, Sam deposited two checks, issued by a casino into his account for US $32,000 each. When opening the account, Sam stated that he operated an import/export company. Which of the following additional items should arouse the suspicion of an anti-money laundering compliance officer the most?
9) International trade in goods and services can be used as either a cover for money laundering or as the laundering mechanism itself. What is MOST important for the launderer when engaging in this method? The ability:
10) Which of the following statements is true?

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