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