Anti-Money Laundering

Question 1

Money Laundering

Answer 1

Hiding money for or from illegal activity by mixing it in the rest of the economy

Question 2

Placement

Answer 2

Depositing money into the economy

Question 3

Layering

Answer 3

Moving the money from place to place to avoid easy detection

Question 4

Withdrawal

Answer 4

Retrieving the money for profit or to fund more crime

Question 5

BSA stands for…

Answer 5

Bank Secrecy Act

Question 6

Due to BSA and PATRIOT Act, companies that sell perm LI, annuities, or other cash value products must…

Answer 6

Establish an anti-money laundering program

Question 7

Insurers must take special measures to…

Answer 7

Verify the identity of their customers

Question 8

Insurers must appoint compliance officers who are charged with…

Answer 8

Overseeing money laundering procedures

Question 9

Insurers must train their employees to…

Answer 9

Detect potential money laundering

Question 10

Insurers must file special reports with the federal government when…

Answer 10

Money laundering is suspected