Aml and sars aml Study guides, Class notes & Summaries

CAFP: Certified AML and Fraud Professional Exam Prep (Latest 2023/ 2024 Update) Questions and Verified Answers| 100% Correct Q: What 4 areas does FIN-2016-A005 address? Answer: -SARs for cyber enabled crimes -Including relevant IP addresses for SARs -Collaborating with fraud, BSA, and AML units with in house cyber security units to identify suspicious activity -Sharing information among other FI's to guard against and report money laundering, terrorism financing and cyber-enabled c...

CAFP,Certified AML and Fraud Professional Exam Prep (New 2023/ 2024 Update) Questions and Verified Answers| 100% Correct QUESTION When can reverse money laundering occur? Answer: During terrorist financing QUESTION What is one of the ways illicit funds are laundered and reintroduced back into the economy? Answer: trade based money laundering QUESTION What is the Bank Secrecy Act? Answer: Regulation that started requiring reporting of CTRs ...

What are the 3 fraud risk factors? - correct answer -Fraud Event Risk -Customer Experience -Regulatory Compliance What are the 3 fraud management levers? - correct answer -Prevention -Detection -Response What is the fastest growing crime in America? - correct answer identity theft What are the 2 main providers for wire transfers? - correct answer Fedwire & CHIPS What is the limit for the FBI "Financial Fraud Kill Chain" process? - correct answer $50,00 or more for...

What do functional regulators measure? - ANSWER-They measure programs. True or False. Compliance programs must be written. - ANSWER-true What does the FFIEC create? - ANSWER-A Common Program/ testing tool What does FFIEC stand for? - ANSWER-Federal Financial Institutions Examination Council What were some common themes in the consent orders that were issued? - ANSWER-lack of board supervision poor overall BSA/AML Compliance Program/ risk assessment lack of qualified personnel in key posi...

AML and SARS AML - ANSWER-Anti-money laundering SARS - ANSWER-Suspicious activity reports Who oversees and enforces AML and SARS - ANSWER-FinCen- financial crimes enforcement network What does both SARS and AML do? - ANSWER-RMLO companies develop and implement a written anti money laundering program to prevent company from being used to launder money or finance terrorist activities RMLO companies must develop and implement policies, procedures and controls based on their assessment of m...

What are the 3 fraud risk factors? - correct answer -Fraud Event Risk -Customer Experience -Regulatory Compliance What are the 3 fraud management levers? - correct answer -Prevention -Detection -Response What is the fastest growing crime in America? - correct answer identity theft What are the 2 main providers for wire transfers? - correct answer Fedwire & CHIPS What is the limit for the FBI "Financial Fraud Kill Chain" process? - correct answer $50,00 or more for unauthori...

What are the 3 fraud risk factors? correct answers -Fraud Event Risk -Customer Experience -Regulatory Compliance What are the 3 fraud management levers? correct answers -Prevention -Detection -Response What is the fastest growing crime in America? correct answers identity theft What are the 2 main providers for wire transfers? correct answers Fedwire & CHIPS What is the limit for the FBI "Financial Fraud Kill Chain" process? correct answers $50,00 or more for unauthorized w...

BSA/AML and SARs questions and answers

BSA 2 - BSA-AML Complying with the BSA | updated b. A, C, and D are incorrect because although these types of mistakes can be noted in an exam, Robert, Natasha, and Mark followed all the correct BSA/AML procedures but unfortunately, had oversights in their daily tasks. - 1. Severe penalties can be assessed for violations of the BSA/AML compliance program. Which scenario describes a potential violation that could lead to civil or criminal penalties for noncompliance? A. Robert, a cus...