How do drug traffickers and other criminals use the fine art industry to disguise illicit
proceeds?
A. They use forged or fraudulent invoicing of
... [Show More] priceless works of art by auction houses B.
They commingle legitimate and illicit proceeds by principals for payment of fine art C.
They immediately resell priceless works of art after purchase from a foreign auction
house D. They use anonymous agents to buy the art and have the payment wired from
offshore havens - ✔✔D
An anti-money laundering specialist at a large institution is responsible for informing
senior management about the status of the anti-money laundering program across the
organization. Which report is the most useful?
A. The total credit exposure for non-cooperative countries and territories B. Results of
related audits and examinations C. Details on inquiries received from law enforcement
D. Notification of management changes in the different major divisions - ✔✔B
What is most valuable when using the internet as an investigative source?
A. A team of AML investigators B. A reference list of websites known to yield credible
information C. A combination of independent thinking and technical skills D. A powerful
search engine - ✔✔B
What should senior management do in order to promote a culture of anti-money
laundering compliance?
A. They should include compliance with AML procedures as condition of employment B.
They should attend all training sessions with front-line employment C. They should have
close ties with the independent auditors of the AML program D. They should base
employee compensation on the amount of suspicious activity they detect - ✔✔A
What is the result of an increased awareness of the potential for gatekeepers to assist
in money laundering in recent years?
A. The IMF has raised the profile of gatekeepers, requiring that countries regulate them
B. Lawyers who represent money launderers can more easily be prosecuted C.
Accountants are no longer considered gatekeepers, since they are not permitted to set
up companies or trusts D. The FATF recommendations cover lawyers performing
financial transactions - ✔✔B [Show Less]