Vandyk Mortgage's Anti-money Laundering Exam
- 1.Have you viewed the Company's training on AML Compliance?
- A.
Yes
- B.
No
- 2.If you become aware of suspicious activity related to a borrower or any other purpose, what should you do in addition to the normal processes that you currently engage in?
- A.
Investigate the matter before deciding whether to submit a SAR.
- B.
Send a QAR to the company’s AML Compliance Officer immediately as it is the role of the AML Compliance Officer to conduct the investigation along with others at the company who normally engage in such investigations.
- C.
File a SAR with the Financial Crimes Enforcement Network.
- D.
Nothing so that the loan will go through.
- 3.Generally, how many calendar days after initial detection must an SAR be filed?
- A.
180 days
- B.
90 days
- C.
30 days
- D.
10 days
- 4.The suspect of a SAR should be notified that a SAR has been filed so that s/he can act to protect her/his reputation.
- A.
True
- B.
False
- 5.What should you do with your paper and computer records related to any QAR that has been filed?
- A.
Save them and notify the AML Compliance officer about them.
- B.
These records do not need to be saved as a new investigation will be conducted and new documents created.
- C.
Delete them if they show negative things about the company or borrower.
- 6.The company should refuse to transact with a customer who fails to provide the necessary information to verify the borrower’s identity and notify the AML Compliance Officer about such an event.
- A.
True
- B.
False
- 7.The company can be sued by a customer for information contained in a SAR, therefore, you should be very careful in what you say to management about a customer about suspicious activity.
- A.
True
- B.
False
- 8.Any suspicious activity in transactions involving funds greater than has to be reported.
- A.
$200
- B.
$1,000
- C.
$5,000
- D.
$10,000
- 9.You need to investigate the questionable activity if it arises.
- A.
True
- B.
False
- 10.Which of the following is NOT an example of a money laundering red flag?
- A.
A customer who has their reported business telephone disconnected.
- B.
A customer who uses a nickname.
- C.
A customer who uses different social security numbers with variations of his or her name.
- D.
A customer that makes frequent or large transactions and has no record of past or present employment experience.
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