Anti Money Laundering Policy

10 Questions | Total Attempts: 1126

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Anti Money Laundering Policy

This quiz is designed to test your understanding of Anti Money Laundering concepts and Residential Bancorp's Policies and Procedures


Questions and Answers
  • 1. 
    What agency requires non-depository lenders to report suspicious activity
    • A. 

      Federal Reserve Board

    • B. 

      Suspicious Activity Network

    • C. 

      The Financial Crimes Enforcement Network

    • D. 

      The Bank Secrecy Act

  • 2. 
    What is money laundering?
    • A. 

      The placement, layering and integration of illegally obtained funds to make them look legitimate

    • B. 

      Taking ‘dirty’ money, through a series of transactions to cleanse funds

    • C. 

      Using funds from a drug deal to purchase a house and then later sell that home

    • D. 

      All of the above

  • 3. 
    What is meant by layering
    • A. 

      Putting gift funds on top of a down payment

    • B. 

      Integrating cleansed funds into the monetary system

    • C. 

      Moving funds around to complicate the paper trail regarding ownership and the original transaction

    • D. 

      All of the above

  • 4. 
    Upon hire at Residential Bancorp, how many days do you have to complete the Anti-Money Laundering training tutorial?
    • A. 

      90 from date of hire

    • B. 

      120 days from your first loan closing

    • C. 

      120 days from date of hire

    • D. 

      120 days from taking your first application

  • 5. 
    How long must documents be retained regarding suspicious activity
    • A. 

      60 days

    • B. 

      5 Years

    • C. 

      25 Months

    • D. 

      30 days

  • 6. 
    A mortgage company is required to report a transaction as suspicious if it has reason to believe:
    • A. 

      The transaction involves illegally derived funds

    • B. 

      The transaction is designed to hide or evade requirements of the Bank Secrecy Act

    • C. 

      The transaction with suspicious activity involves Residential Bancorp

    • D. 

      All of the above

  • 7. 
    Within what time frame my a Suspicious Activity Report be filed?
    • A. 

      Within 60 days of investigating and determining who is guilty

    • B. 

      The report may be delayed until a suspect is identified

    • C. 

      No later than 30 calendar days after initial detection

    • D. 

      Within the time frame instructed by the AML Compliance Officer

  • 8. 
    You may always reveal information filed in a Suspicious Activity Report if you receive a subpoena for the information
    • A. 

      True

    • B. 

      False

  • 9. 
    Which one do you like?
    • A. 

      Legitimate Funding Sources (Business Ownership, Personal Employment, etc)

    • B. 

      Money laundering and terrorist financing laws help safeguard the U.S. Financial System from illicit financial crimes.

    • C. 

      Unexplainable Gift Funds

    • D. 

      A and B above

  • 10. 
    Who is responsible for Residential Bancorp's Anti-Money Laundering Policy
    • A. 

      Deborah McDonald, the AML Compliance Officer

    • B. 

      The Board of Directors

    • C. 

      All Residential Bancorp's origination employees

    • D. 

      All of the above

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