This quiz is designed to test your understanding of Anti Money Laundering concepts and Residential Bancorp's Policies and Procedures
Federal Reserve Board
Suspicious Activity Network
The Financial Crimes Enforcement Network
The Bank Secrecy Act
The placement, layering and integration of illegally obtained funds to make them look legitimate
Taking ‘dirty’ money, through a series of transactions to cleanse funds
Using funds from a drug deal to purchase a house and then later sell that home
All of the above
Putting gift funds on top of a down payment
Integrating cleansed funds into the monetary system
Moving funds around to complicate the paper trail regarding ownership and the original transaction
All of the above
90 from date of hire
120 days from your first loan closing
120 days from date of hire
120 days from taking your first application
60 days
5 Years
25 Months
30 days
The transaction involves illegally derived funds
The transaction is designed to hide or evade requirements of the Bank Secrecy Act
The transaction with suspicious activity involves Residential Bancorp
All of the above
Within 60 days of investigating and determining who is guilty
The report may be delayed until a suspect is identified
No later than 30 calendar days after initial detection
Within the time frame instructed by the AML Compliance Officer
True
False
Legitimate Funding Sources (Business Ownership, Personal Employment, etc)
Money laundering and terrorist financing laws help safeguard the U.S. Financial System from illicit financial crimes.
Unexplainable Gift Funds
A and B above
Deborah McDonald, the AML Compliance Officer
The Board of Directors
All Residential Bancorp's origination employees
All of the above
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