Exercise
1. The Bank Secrecy Act requires that money services businesses record money transfers of _____ in a Monetary Instrument Log for five years.
A. $10,000 or more
B. $5,000 or more
C. $3,000 or more
D. $500 or more
2. A broker-dealer’s AML Compliance Program would not require the following:
A. Designation of an AML officer
B. Approval by the broker-dealer’s board of directors
C. Annual review of the program
D. Ongoing training of personnel
3. Evan processes customer deposits for ABC Broker-Dealer. Evan notices that a customer deposits $9,500 every week. What should he do?
A. Report this to his manager, because it is a sign of possible money laundering.
B. Ask the customer if he is laundering money.
C. Put a freeze on the account and tell the customer that it is due to suspiciou