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Anti Money Laundering Questions and Answers (Q&A)

The correct answer to this question is B. The term "smurf" is a colloquial term for a money launderer, derived from the small cartoon characters of the same name. By breaking up large amounts of money into smaller amounts, they are able to keep their transactions under a reporting threshold, or an amount subject to scrutiny.

These transfers can be done as cash deposits, money orders, prepaid gift cards, etc. Another strategy is to complete multiple transactions over a number of days. This process is often also outsourced to multiple third parties, including strangers, to further reduce the risk of being caught.

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All of the examples given show evidence of wilful blindness. In fact it would probably be regarded as incompetence or deviousness worthy of dismissal. Allowing a customer to purchase money orders under different names suggests illegal activity is going to occur. Selling multiple money orders to a customers and not recording his or her id could be incompetence on the part of the clerk.

Completing a transaction for a less, non-reportable amount after a customer has refused to produced id for a larger transaction is an incident clearly designed to help a risky client by the clerk.

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There is contradict between the result and feedback. D is showing as correct answer while feedback suggest with A. please check and confirm. Thanks!

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The answer to this is E. More and more people are trying to think of ways in order to outsmart establishments like banks. There are people who would pretend to be someone that they are not. Some would try to avoid sending an ID so that their identity cannot be traced. There are various customers that business owners would meet in this world.

Some of them are just sketchy. Take note that there are some who are particularly good at what they do. Some business owners may not even realize that they are already dealing with problematic customers. There are also customers in the bank that may need to be watched more depending on their actions.

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