Series 26: Exercise

Exercise

1. 1. The Bank Secrecy Act requires that money services businesses record money transfers of ___ in a Monetary Instrument Log for five years.
2. A. $10,000 or more
3. B. $5,000 or more
4. C. $3,000 or more
5. D. $500 or more
6. 2. A broker-dealer’s AML Compliance Program would not require the following:
7. A. Designation of an AML officer
8. B. Approval by the broker-dealer’s board of directors
9. C. Annual review of the program
10. D. Ongoing training of personnel
11. 3. Evan works at a brokerage firm where he processes customer deposits. Evan notices that a customer deposits $9,500 every week. What should Evan do?
12. A. Report this to his manager, because it is a sign of possible money laundering.
13. B. Ask the customer if he is laundering money.
14. C. Put a freeze on the account and tell the customer that it is due to suspicious activity in the account.
15. D. Nothing—the deposits are not big e