Which of the following is the most common method of laundering money through a legal money services business? correct answers Purchasing structured money
... [Show More] instruments
In general, the 3 phases of money laundering are said to be: Placement; correct answers Layering and integration
Which statement is true? correct answers Bust-out schemes are popular in creating large bankruptcy frauds where businesses secure increasing loans in excess of the actual value of the company or property and then run with the money. Leaving the lender to foreclose and take a substantial loss
Which 3 of the following is an indication of possible money laundering in an insurance industry scenario? correct answers -Single-premium insurance bonds, redeemed at a discount
-Policyholders who are unconcerned about penalties for early cancellation
-Policyholders who make full use of the "free look" period
Which 2 activities are typically associated with the black market peso exchange (BMPE) money laundering system? correct answers -Converting illicit drug proceeds from dollars or Euros to Colombian pesos
-Facilitating purchases by Colombian importers of goods manufactured in the United States or Europe through peso brokers
What is the Right of Reciprocity in the field of in the field of international cooperation against money laundering? correct answers A rule in the law of a country allowing its authorities to cooperate with authorities of other countries to the degree that their law allows them to do the same
The greatest risk for money laundering is for casinos that correct answers Allow customers with credit balances to withdraw funds by check in another jurisdiction
Which statement is true regarding the risk of Politically Exposed Persons (PEPs)? correct answers PEPs have significantly greater exposure to the politically corrupt funds, including accepting bribes or misappropriating government funds
Dirty money, derived from criminal activities of Belgian Criminal A, is sent to a foreign bank account of Corporation B. Then in Belgium, a new investment Company C is incorporated. Criminal A is appointed as a director of Company C. Company C borrows money from the foreign Company B and buys real estate in Belgium. The real estate is rented to third parties. Director (Criminal) A also rents an apartment in the building .With the funds generated by the rent, Company C pays off the loan to Corporation B, and the salary of Director A. Criminal A now converted his dirty money in legal funds .This laundering method is commonly referred to as what? correct answers Loan back [Show Less]