When should the anti-money laundering risk assessment be updated?

• A.Every two years
• B.After a merger or acquisition
• C.When the board of directors changes
• D.When instructed to by the Financial Action Task Force

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One of the red flags of microstructuring is:

• A.depositing sequentially numbered checks.
• B.check deposits followed by ATM withdrawals using debt card in retail store.
• C.single activity in an account immediately following the opening of the account.
• D.frequent visits to make cash deposits of nominal amounts.

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Historically, which vehicle is most often used to hide beneficial ownership?

• A.A limited liability partnership
• B.An offshore company
• C.A charitable organization
• D.Professional association

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According to the Financial Crimes Enforcement Network, after an initial suspicious activity report has been filed for a customer, a financial institution must perform a continuing review of the account for a period of how many days?

• A.30 days
• B.60 days
• C.90 days
• D.120 days

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One key aspect of promoting an enterprise-wide compliance culture within a financial institution (FI) is that the:

• A.first line of defense should establish its own policies independently.
• B.revenue generating business sectors should have precedence over compliance.
• C.relevant information should be shared throughout the organization.
• D.cost of compliance should increase proportionately to revenues.

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