AML Training Test

Anti-Money Laundering (AML) Training Course Test for Employees

Complete the test and click submit. Your test results will display. Correct answers have a green checkmark - incorrect answers have a red X and show the correct answer. A copy of your test is emailed to you. Check spam/junk folders if you don't see it in your inbox. You may retake the test and correct any questions you did not answer correctly. Keep a copy of the successful AML Test Result for your records.
Name*

First NameLast Name
Email*
example@example.com
The Bank Security Act aims to fight money laundering activity by requiring two reports, the MSB and OFAC.*

TrueFalse
What regulatory law(s) exist to fight money laundering and to ensure proper reporting happens?*

The Bank Security ActThe AML Reporting RegulationsThe USA Patriot ActA & C OnlyA & B Only
Money Service Businesses (MSB) employees can be fined or jailed for breaking federal anti-money laundering requirements.*

TrueFalse
The Office of Foreign Asset Control (OFAC) maintains:*

A list that includes the names of possible terrorists or drug traffickers that may not conduct financial transactionsA list of possible money laundering schemes that MSB employees should be aware ofA list of federal laws and regulations regarding money launderingB & C OnlyAll of the above
If you are conducting a money order transaction for $8,500, only the customer’s name and employer are required.*

TrueFalse
The Bank Security Act requires that MSBs must maintain customer records on which of the following types of transactions?*

Monetary instrument salesMoney transfersCurrency exchangeAll of the aboveNone of the above
If you detect or suspect any actual or attempted money laundering or violation of the law, you must gather information for a Suspicious Activity Report, but you do not have to report the activity to your compliance officer.*

TrueFalse
In what order do the three steps in money laundering occur.*

Layering, placement, integrationPlacement, layering, integrationIntegration, placement, layeringPlacement, integration, layeringNone of these
Information required for a CTR to be filed should be collected after the transaction is complete.*

TrueFalse
For currency totaling $10,000 or more, the BSA requires a record of all: *

Money transfer transactionsCurrency transactionsMoney order transactionsCash transactionsNone of the above
If an SAR is filed, the customer must be notified within 30 days.*

TrueFalse
The reporting amount for a CTR is:*

$2,000 and over, but does not include funds transfers$3,000 and over$10,000 and overAll currency transactions must be reported
If a customer makes a money order purchase of $1,500 at 10:00 am and another for $1,800 during the same business day, what type of report(s) must be filled out?*

CTRSARBoth CTR and SARNone of the above
As an employee of an MSB, you are required by federal law to report all suspected money laundering activity.*

TrueFalse
It is part of your job to:*

Help yourself and your company prevent money launderingMaintain the appropriate recordsReport anything suspiciousAll of the aboveNone of the above
“Structuring” means to break up a large cash transaction to avoid having to give personal info or have a report be filed.*

TrueFalse
The Patriot Act requires an AML program and written policies for every MSB.*

TrueFalse
A criminal might pay a teenager to make a series of money order purchases to help launder funds. This process is called:*

SARStructuringLayeringSmurfingImplementation
A customer tries to get $3,500 in money orders, when asked for ID they try to change their transaction to be $2,500; should this be considered suspicious?*

YesNoOnly if they are not a regular customer
Why is anti-money laundering important?*

Money Service Businesses are an important part of the US financial systemThere are multiple AML laws that apply to MSB employees to deter illegal activitiesCriminals try to exploit any weakness in financial services to launder illegal moneyAll of the aboveNone of the above
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Anti-Money Laundering (AML) Training Course Test for Employees