R8 - Money Laundering

Question 1

What are the 3 steps of money laundering?

Answer 1

Placement
Layering
Integration

Question 2

If a financial institution receives a deposit of $20,000 from a customer for whom the bank has not filed a designation of exempt person form, within how many days must the bank file a currency transaction report if the bank does not file electronically?

Answer 2

15 days (25 days if electronic)

Question 3

How long must a bank retain records of the purchaser of instruments over $3,000?

Answer 3

5 years