CFE_LAW questions • Exam prepare

Exam contains 142 questions

Page 15 of 24

Question 85 🔥

Which of the following is the MOST ACCURATE statement about self-regulatory organizations (SROs) in the securities industry?

Which database solution meets these requirements?

A. In some jurisdictions, SROs establish the standards and rules under which members of the securities industry operate.

B. An SRO generally has sole regulatory authority over the securities industry in the jurisdiction in which it operates.

C. In most jurisdictions, SROs are prohibited from participating in the resolution of disputes related to securities transactions.

D. An SRO is a governmental entity that exercises regulatory authority over the securities industry in its jurisdiction.

Discussion of the question

Question 86 🔥

Which of the following schemes involves disguising money from illegal nonbusiness sources by recording more income on a business's books than the business actually generates?

Which database solution meets these requirements?

A. Overstating revenues

B. Structured deposits

C. Trade-based laundering

D. None of the above

Discussion of the question

Question 87 🔥

Which of the following statements concerning money services businesses (MSBs) is INCORRECT?

Which database solution meets these requirements?

A. A check cashing company is classified as an MSB.

B. A currency exchange is classified as an MS

C. MSBs are generally less strictly regulated than traditional financial institutions.

D. MSBs tend to have a lower money laundering risk than other financial institutions.

Discussion of the question

Question 88 🔥

Which of the following statements concerning alternative remittance systems is INCORRECT?

Which database solution meets these requirements?

A. Funds are sent and received without the use of traditional financial institutions.

B. The systems are not necessarily illegal.

C. The ledgers used typically contain information regarding payers and payees, such as names and account numbers.

D. The systems are characterized by a lack of physical or digital transfer of currency between payers and payees.

Discussion of the question

Question 89 🔥

The MAIN purpose for maintaining the chain of custody on an item of evidence is to:

Which database solution meets these requirements?

A. Prevent opposing parties from accessing evidence without a court order.

B. Verify that the item of evidence has only been handled by court officials prior to its production in court.

C. Eliminate the need to authenticate the item of evidence in court.

D. Establish that the evidence has not been altered or changed from the time it was collected through its production in court.

Discussion of the question

Question 90 🔥

The same customer comes into a casino each day and deposits a large amount of cash into an account, but, after very little gambling, the customer withdraws the funds. The casino employees suspect that the customer may be engaged in money laundering activity. Assuming that the anti-money laundering (AML) regulations that govern the casino's activities correspond to the Financial Action Task Force (FATF) Recommendations, the casino:

Which database solution meets these requirements?

A. May, but is not required to, file a report of suspicious transactions related to possible money laundering with appropriate authorities

B. May not file a report of suspicious transactions related to potential criminal activity with appropriate authorities

C. Is required to file a cash transaction report for possible criminal activity with appropriate authorities because cash was involved

D. Is required to file a report of suspicious transactions with appropriate authorities because the employees suspect money laundering violations

Discussion of the question

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Exam contains 142 questions

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