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Question No 1

How do drug traffickers and other criminals use the fine art industry to disguise illicit proceeds?

Choose the Choices:

They use forged or fraudulent invoicing of priceless works of art by auction houses

They commingle legitimate and illicit proceeds by principals for payment of fine art

They immediately resell priceless works of art after purchase from a foreign auction house

They use anonymous agents to buy the art and have the payment wired from offshore havens

Question No 2

An anti - money laundering specialist at a large institution is responsible for information senior management about the status of the anti - money laundering program across the organization. Which report is the most useful?

Choose the Choices:

The total credit exposure for non - cooperative countries and territories

Results of related audits and examinations

Details on inquires received from law enforcement

Notification of management changes in the different major divisions

Question No 3

What is most valuable when using the internet as an investigative source?

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Question No 4

What should senior management do in order to promote a culture of anti - money laundering compliance?

Choose the Choices:

They should include compliance with AML procedures as condition of employment

They should attend all training sessions with front - line employment

They should have close ties with the independent auditors of the AML program

They should base employee compensation on the amount of suspicious activity they detect

Question No 5

What is the result of an increased awareness of the potential for gatekeepers to assist in money laundering in recent years?

Choose the Choices:

The IMF has raised the profile of gatekeepers, requiring that countries regulate them

Lawyers who represent money launderers can more easily be prosecuted

Accountants are no longer considered gatekeepers, since they are not permitted to set up companies or trusts

The FATF recommendations cover lawyers performing financial transactions

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