Compliance: Anti-money Laundering Test! Trivia Quiz
Below is compliance: anti-money laundering test! It is designed to help anyone working in the financial sector know all the guidelines and regulations put forth when it comes to money laundering what one should do when it is noticed. Do take up the quiz and see how many of the questions you get right! All the best!
- 1.What is one of the major risks of Money laundering?
- A.
Loss of income
- B.
Negative impact to our communities and our country
- C.
Employee turnover
- D.
Customer Dissatisfaction
- 2.What currency transaction dollar amount triggers the filing of a CTR?
- A.
$ 8,000 or more
- B.
$ 1,000 or more
- C.
More than $ 3,000
- D.
More than $ 10,000
- 3.Which of the following is a possible red flag of suspicious activity?
- A.
Customer who is reluctant to provide ID
- B.
Cash Transaction
- C.
Customer who request a money transfer to a foreign country
- D.
Purchasing a money order
- 4.Which type of transaction must be reported on a SAR form?
- A.
Transaction that suspicious and over $ 3,000
- B.
Transaction that is over $ 2,000 in cash
- C.
Transaction that is $ 2,000 or more and suspicious
- D.
Transaction that is suspicious and at least over $ 10,000
- 5.What is the deadline for submitting a SAR on a suspicious transaction?
- A.
15 days from date of transaction
- B.
By the end of the current calendar quarter
- C.
By the end of the current calendar month
- D.
30 days from the date that suspicious transaction was detected
- 6.Which of the fallowing action is required for a Money Transfer of $ 1,000 or more?
- A.
Customer’s signature on the Money order log
- B.
Request for the customer’s occupation
- C.
Customer’s Identification verified, name and address
- D.
Telephone interview with Western Union compliance
- 7.Which of the following money order purchases must be recorded on the money order log?
- A.
Money order sales over $ 3,000
- B.
All money orders
- C.
All money orders purchase with cash
- D.
Money orders totaling $ 2,000 or more
- 8.What form would the agent most likely file if a customer makes multiple cash transfers of $ 9,000 each per day over a period of several days?
- A.
CTR
- B.
SAR
- C.
CMIR
- D.
Police report
- 9.You should only report suspicious transaction conducted by customers you do not know. You do not need to report suspicious transaction of a regular customer you know.
- A.
True
- B.
False
- 10.During the period of one business day a customer pays with cash for separate wire transfers in the fallowing amounts: $ 1,500, $ 2,000, $ 3,000 and $ 4,000. You are required to file a CTR.
- A.
True
- B.
False
- 11.All Financial institutions, including check cashers, must file Currency Transaction Reports (“CTRs”) for all transactions involving currency of more than $ 10,000
- A.
True
- B.
False
- 12.A customer engages in a suspicious transaction involving $ 12,000 in cash and you file a SAR. You must inform the customer in writing within 30 days that the SAR has been filed.
- A.
True
- B.
False
- 13.A customer engages in a suspicious transaction involving $ 12,000 in cash and you file a SAR. You must also file a CTR.
- A.
True
- B.
False
- 14.If a customer cashes an $ 11,000 business check (which your manager authorizes you to cash), you are required to file a CTR.
- A.
True
- B.
False
- 15.A customer cashes a $ 6,000 business check (which your manager authorizes you to cash), the customer then pays $ 5,000 in cash for a wire transfer to his mother in Dominican Republic. You must file a CTR
- A.
True
- B.
False
- 16.“Structuring” or the intentional breaking up of a large transaction into smaller transactions to avoid currency reporting record keeping requirements is illegal.
- A.
True
- B.
False
- 17.A customer pays with cash for a $ 3,800 money order; you are not required to obtain any information from this customer.
- A.
True
- B.
False
- 18.A customer pays with cash for $ 3,800 wire transfer; you are not required to obtain any information from this customer
- A.
True
- B.
False
- 19.Currency Transaction Report must be submitted to the IRS within:
- A.
30 days of the transaction
- B.
15 days of the transaction
- C.
5 business days of the transaction
- D.
3 business days of the transaction
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