which of the following is true of money laundering course hero

What are the basic requirements of anti-money laundering programs?

Basic requirements of anti-money laundering programs include: development of policies, procedures, and internal controls designed to detect and prevent money laundering; designation of an executive-level internal compliance officer; creation of an employee training program; and development of an independent audit function.

How many terms in anti-money laundering?

Orioreo24 Anti-money Laundering 115 terms colavitop ACAMS PRACTICE QUESTIONS 1-100 100 terms clw0410 Other sets by this creator Beauty and the beast 1

What is the law on money laundering in the insurance industry?

Whether the insurance product under consideration is at a low or high risk for money laundering The Bank Secrecy Act of 1970 encourages an insurer to report any activity that appears to violate the law, if the amount of the transaction is greater than $1,000, $3,000, $5,000

Is there an anti-money laundering program for insurance companies?

true - Given the vast differences between the products, distribution methods, and customer bases of insurance companies, regulators recognize that there is no one-size-fits-all anti-money laundering program for insurance companies.

What is the amount of a transaction that violates the Bank Secrecy Act?

The Bank Secrecy Act of 1970 encourages an insurer to report any activity that appears to violate the law, if the amount of the transaction is greater than $1,000, $3,000, $5,000. none of these, An insurance company is encouraged to report any activity that appears to violate the law, regardless of the amount of the transaction.

Why is suspicious activity reporting extended beyond banks to all relevant financial institutions?

One of the reasons suspicious activity reporting was extended beyond banks to all relevant financial institutions is the intense scrutiny to which banks have been subject. true - Banks have been subject to intense scrutiny by the federal government concerning money laundering.

Does Fincen report suspicious activity?

An insurance company is encouraged to report any activity that is suspicious or appears to violate the anti-money laundering laws or regulations, regardless of the amount of the transaction. true - FinCEN encourages insurance companies to report any activity that is suspicious or appears to violate the anti-money laundering laws or regulations, ...