Money Laundering Legal Quiz Questions

10 Questions | Total Attempts: 500

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Money Laundering Legal Quiz Questions - Quiz

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Questions and Answers
  • 1. 
    What document must be filed if a customer pays with over $10,000 in cash or cash equivalents?
    • A. 

      IRS Tax Prepayment Form

    • B. 

      Sales Tax Exemption Form

    • C. 

      Large Bills Currency Conversion Form

    • D. 

      IRS Form 8300

  • 2. 
    A purpose of our AML (Anti-Money Laundering) Program is to:
    • A. 

      Recognize the “red flags” of money laundering and be prepared to act when appropriate

    • B. 

      To meet the National Jewelers Association’s requirement of minimum educational training hours for employees

    • C. 

      To give our employees something productive to do in their free time

    • D. 

      To prevent theft

  • 3. 
    Money laundering is the process of converting “dirty” (illegally obtained) money into “clean” (coming from a legitimate source) money.
    • A. 

      True

    • B. 

      False

  • 4. 
    Who is our compliance officer?
    • A. 

      Danny Govberg

    • B. 

      JVC Auditing

    • C. 

      Beth Bross

    • D. 

      Michael Nutter

  • 5. 
    If I see something suspicious what should I do?
    • A. 

      Contact the police

    • B. 

      Ask the customer reasonable questions about the unusual circumstance

    • C. 

      Inform the customer that you suspect criminal activity and immediately terminate the transaction

    • D. 

      Begin a formal investigation and file a SAR (Suspicious Activity Report)

  • 6. 
    Gift cards are safe from money laundering risks because they are not cash.
    • A. 

      True

    • B. 

      False

  • 7. 
    The jewelry industry is at a low risk for money laundering.
    • A. 

      True

    • B. 

      False

  • 8. 
    In important role you play in the companies AML (Anti-Money Laundering) Program is
    • A. 

      To acquire proper info/documents from your customers like (ID, Name, Address, Company Name)

    • B. 

      Recognize red flags when they arise

    • C. 

      Make reasonable inquiries when an unusual circumstance arises

    • D. 

      All of the above

  • 9. 
    When unusual circumstances are not explained with reasonable inquires you should
    • A. 

      Inform your manager or compliance officer

    • B. 

      Do nothing and hope the customer is not laundering money

    • C. 

      Inform the customer of your suspicions and demand answers

    • D. 

      Contact the IRS and request an investigation of the customer

  • 10. 
    What is a red flag of money laundering?
    • A. 

      Using a undisclosed third party for payment or shipping of product

    • B. 

      Frequent purchases and returns

    • C. 

      Reluctance to provide identifying information

    • D. 

      All of the above

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