AML Compliance: Castle Financial Services Test! Trivia Quiz

19 Questions | Total Attempts: 158

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AML Compliance: Castle Financial Services Test! Trivia Quiz

AML compliance: castle financial services test! At this organization, money laundering is something that is frowned upon and can be a basis for termination. How well do you know the guidelines, and you follow them as an employee? Do take up the quiz below and get to see how true that actually is and if not which new ones you may not be conversant with.


Questions and Answers
  • 1. 
    Acceptable forms of identifications are:
    • A. 

      Current photo driver’s licenses

    • B. 

      Passports

    • C. 

      State issued identification cards

    • D. 

      All of the above

  • 2. 
    The computer record should have the consumer’s name, address, telephone number, date of birth, and identification number.
    • A. 

      True

    • B. 

      False

  • 3. 
    Copies of Currency Transaction Reports (“CTR”) must be maintained for a period of:
    • A. 

      3 years

    • B. 

      5 years

    • C. 

      10 years

  • 4. 
    Proper identification is required for the purchase of money orders when the transaction exceeds
    • A. 

      $ 1,000

    • B. 

      $ 3,000

    • C. 

      $ 5,000

  • 5. 
    All currency (cash) transactions over $ 10,000 conducted by or on behalf of the same person during the same business day must be reported by filing a:
    • A. 

      SAR (Suspicious Activity Report)

    • B. 

      CTR (Currency Transactions Report)

    • C. 

      CCR (Castle’s Currency Report)

  • 6. 
    Cash-in transactions are counted separately from cash-out transactions. Thus a person must have over $ 10,000 in either cash-in or cash out transactions in order for a CTR to be required
    • A. 

      True

    • B. 

      False

  • 7. 
    If “structuring” (i.e., an attempt to evade CTR filing thresholds by breaking up transactions) is suspected, the consumer should not be questioned as to number, nature and dollar amount of transaction performed that business day
    • A. 

      True

    • B. 

      False

  • 8. 
    The CTR must be complete and accurate. All required consumer information should be obtained from the consumer before you complete the transaction. If the consumer cannot or will not provide responsive and complete information, the transaction should:
    • A. 

      Completed with a note to get the information later

    • B. 

      Not be completed

    • C. 

      Change the amount to bypass the report

  • 9. 
    The __________________ will check the accuracy, completeness and file all SARs and CTRs with the IRS
    • A. 

      Store Manager

    • B. 

      Compliance Officer

    • C. 

      Office Manager

  • 10. 
    Suspicious activity is: all transactions that are in excess of $ 2,000 and suspected of involving money laundering or other crimes. Any suspicious transaction is to be reported by filing a:
    • A. 

      Customer Identification Report (CIR)

    • B. 

      Money Service Business Report (MSBR)

    • C. 

      Suspicious Activity Report (SAR)

  • 11. 
    The SAR must be filed within ____________ after the date of the initial detection by the MSB.
    • A. 

      15 days

    • B. 

      30 days

    • C. 

      35 days

  • 12. 
    All documentation linked to a SAR must be maintained for a period of:
    • A. 

      2 years

    • B. 

      5 years

    • C. 

      10 years

  • 13. 
    It is not illegal for a check casher to engage in “willful blindness,” i.e., to process or facilitate a transaction or ongoing scheme that the check casher knows, or reasonably should know, involves money laundering or other illegal conduct
    • A. 

      True

    • B. 

      False

  • 14. 
    It is illegal for a check casher to inform any person or party to a suspicious transaction that the check casher has reported, or intends to report, a suspicious transaction
    • A. 

      True

    • B. 

      False

  • 15. 
    Detailed identification and a log/file are required for all monetary instrument sales over:
    • A. 

      $ 1,000 or more

    • B. 

      $ 2,500 or more

    • C. 

      $ 3,000 or more

  • 16. 
    The following additional information must be acquired for sale of monetary instruments over $ 3,000:
    • A. 

      The consumer’s social security number, date of birth and identification number

    • B. 

      The date the consumer purchased the instrument

    • C. 

      The Serial number and amount of each instrument

    • D. 

      All of the above

  • 17. 
    You must verify the identification of the sender for all wire transfers of
    • A. 

      $ 1,000 or more

    • B. 

      $ 2,000 or more

    • C. 

      $ 2,500 or more

  • 18. 
    For all receive wire transfer of $ 3,000 or more, the Company must verify the identification of the recipient as well as Date of birth, _______________ and occupation.
    • A. 

      Social Security Number

    • B. 

      Driver’s License

    • C. 

      MTCN (Money Transfer Control Number)

  • 19. 
    A Commercial check is a check made payable to a company.All reporting laws will not apply to commercial check cashing transactions, like any other natural check
    • A. 

      True

    • B. 

      False