Practice Test Geeks(CCB) Certified Compliance and Business Specialist Practice Test
← All CCB Flashcard Decks

Financial Crime Prevention Flashcards

7 cards from real CCB practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 Financial Crime Prevention flashcards as text

  1. Which typology involves layering illicit funds through multiple shell companies across different jurisdictions to obscure their origin?

    Answer: Corporate layering

    Corporate layering uses a web of shell companies in multiple jurisdictions to make tracing illicit funds extremely difficult.

  2. Under the Bank Secrecy Act (BSA), what is the minimum threshold that triggers a Currency Transaction Report (CTR)?

    Answer: $10,000

    The BSA requires financial institutions to file a CTR for cash transactions exceeding $10,000 in a single business day.

  3. A customer purchases multiple cashier's checks each under $10,000 on the same day to avoid CTR filing. This is known as:

    Answer: Structuring

    Structuring (also called 'smurfing' when multiple people are used) refers to breaking up transactions specifically to evade CTR reporting thresholds.

  4. Which international body sets global standards for anti-money laundering and combating the financing of terrorism (AML/CFT)?

    Answer: FATF

    The Financial Action Task Force (FATF) is the global standard-setter for AML/CFT policies and issues its Forty Recommendations.

  5. In the context of trade-based money laundering (TBML), which scheme involves deliberately mis-stating the price of goods on invoices?

    Answer: Over/under-invoicing

    Over/under-invoicing is a TBML technique where the stated price differs from the true market value to transfer value across borders.

  6. Which stage of money laundering involves making illicit funds appear to come from a legitimate source such as a business or investment?

    Answer: Integration

    Integration is the final stage where laundered funds are reintroduced into the legitimate economy and appear to come from lawful sources.

  7. A compliance officer identifies a customer whose account shows frequent large cash deposits followed by immediate wire transfers to high-risk jurisdictions. The BEST immediate action is to:

    Answer: File a SAR and continue monitoring

    Filing a SAR with FinCEN and continuing to monitor is the correct response; tipping off the customer violates anti-tipping provisions.