Money Laundering Flashcards
The three stages of money laundering are described as placement, layering and/or
Placement, layering, integration
By strict definition, anyone who assists in concealing the
from his transaction is considered a money launderer
Proceeds
Which of the following might be a suspicious “red flag” that a money laundering scheme is in play?
All the above
The obligation to identify & report suspicious transactions applies only to
Insurance companies
Which of the following is an example of new or developing technologies where it is more difficult to verify identity of the customer?
E-commerce / sales through the internet
Which of the following regulations are the center of anti money laundering rules?
The USA patriots act title lll
A suspicious activity report can be triggered if the dollar amount of a transaction has involves at least
5k
A “covered product” under anti-laundering rules includes which of the following
All of the above
Ideally, Identification & verification of a customer should take place when the business relationship with that person is_________
Established
Overpayment of premiums has been a method of money laundering. Agents should be especially vigilant where
All of the above
Why would an insurance company be a target for money laundering?
All of the above
New anti-money laundering rules require insurance companies to establish policies & procedures to ________ its agents & brokers into their anti money laundering programs.
Integrate
Concerning Customer due diligence, insurers should_____________ the customers with whom they are dealing.
Know
Where customers are legal persons or legal arrangements, insurers should
All of the above
Transaction that might trigger or require attention might include:
All of the above
