ABA AML and Fraud Professional (CAFP) Certification Sample Questions

ABA CAFP VCE, AML and Fraud Professional Dumps, CAFP PDF, CAFP Dumps, AML and Fraud Professional VCE, ABA AML and Fraud Professional PDF Getting knowledge of the ABA CAFP exam structure and question format is vital in preparing for the ABA AML and Fraud Professional certification exam. Our ABA AML and Fraud Professional sample questions offer you information regarding the question types and level of difficulty you will face in the real exam. The benefit of using these ABA CAFP sample questions is that you will get to check your preparation level or enhance your knowledge by learning the unknown questions. You will also get a clear idea of the exam environment and exam pattern you will face in the actual exam with the ABA AML and Fraud Professional Sample Practice Test. Therefore, solve the ABA AML and Fraud Professional sample questions to stay one step forward in grabbing the ABA Certified AML and Fraud Professional (CAFP) credential.

These ABA CAFP sample questions are simple and basic questions similar to the actual ABA AML and Fraud Professional questions. If you want to evaluate your preparation level, we suggest taking our ABA AML and Fraud Professional Premium Practice Test. You might face difficulties while solving the real-exam-like questions. But, you can work hard and build your confidence on the syllabus topics through unlimited practice attempts.

ABA CAFP Sample Questions:

01. Under Regulation CC, what is the maximum hold period for most checks deposited in a transaction account?

a) 1 business day

b) 3 business days

c) 5 business days

d) 7 business days

02. When establishing and updating controls, what is the purpose of identifying procedural gaps?

a) To comply with regulatory requirements

b) To determine the effectiveness of existing controls

c) To update policies and procedures

d) To identify potential risks and vulnerabilities

03. How can emerging typologies be addressed in the remediation process?

a) By establishing and updating controls

b) By managing relationships with customers and intermediaries

c) By engaging in entity and/or victim remediation

d) By educating and training customers, employees, and third parties

04. In public records research, what is the purpose of searching professional licensing databases?

a) To find potential investors

b) To identify regulatory compliance issues

c) To access personal medical records

d) To track consumer purchasing behavior

05. What is a common typology for money laundering through the real estate sector?

a) Using shell companies to purchase properties

b) Structuring cash deposits in small amounts

c) Large-scale cyber attacks on real estate databases

d) Engaging in online auctions for property sales

06. How can open-source intelligence be useful in investigations?

a) By conducting handwriting comparison

b) By providing public records

c) By monitoring social media and online sources

d) By utilizing the elicitation technique in interviews

07. Which organization sets international standards for combating money laundering and terrorist financing?

a) Financial Action Task Force (FATF)

b) State Department

c) Office of Foreign Assets Control (OFAC)

d) U.S. Postal Service

08. What is the purpose of filing amendments in regulatory reporting?

a) To update the appropriate audience for reporting

b) To submit documentation regarding card fraud loss

c) To backfile reports that were previously missed

d) To rectify errors or provide additional information to the initial report

09. Which regulatory body provides compliance guidance for evaluating customer risk?

a) Federal Reserve System (FRS)

b) Financial Crimes Enforcement Network (FinCEN)

c) Federal Financial Institutions Examination Council (FFIEC)

d) Office of Foreign Assets Control (OFAC)

10. When managing relationships with customers and intermediaries, what is the recommended approach for higher-risk industries?

a) Terminate all relationships with higher-risk industries to eliminate potential risks

b) Ignore regulatory requirements and focus solely on profitability

c) Provide financial incentives to attract more customers from higher-risk industries

d) Conduct enhanced due diligence and monitor transactions closely

Answers:

Question: 01 Answer: b	Question: 02 Answer: d	Question: 03 Answer: c	Question: 04 Answer: b	Question: 05 Answer: a
Question: 06 Answer: c	Question: 07 Answer: a	Question: 08 Answer: d	Question: 09 Answer: c	Question: 10 Answer: d

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