Anti-Money Laundering (AML) Training Quiz & Practice Questions

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QUESTION
At what cash transaction amount does a financial institution generally need to file a Currency Transaction Report (CTR)?
Answer — Transactions over $10,000 in currency generally trigger a CTR filing requirement under the Bank Secrecy Act.
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Looking for the official training, not practice questions? fincen.gov — Financial Crimes Enforcement Network ↗

Why it works

Built for exactly this kind of question.

AML training questions often ask you to apply specific thresholds and reporting rules (like when a Currency Transaction Report vs. a Suspicious Activity Report is required), which are easy to mix up under time pressure. Cambo reads the exact question and gives you the specific rule, not just a general answer.

Practice quiz

Test yourself with real practice questions.

At what cash transaction amount does a financial institution generally need to file a Currency Transaction Report (CTR)?

  1. AAny currency transaction over $1,000
  2. BAny currency transaction over $5,000
  3. CAny currency transaction over $10,000
  4. DAny currency transaction over $50,000
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Answer
CAny currency transaction over $10,000
Transactions over $10,000 in currency generally trigger a CTR filing requirement under the Bank Secrecy Act.

What is 'structuring,' in the context of money laundering?

  1. ADeliberately breaking a large transaction into smaller amounts to stay under reporting thresholds
  2. BOrganizing a company's finances across multiple legal entities for tax efficiency
  3. CConverting cash into cryptocurrency before depositing it
  4. DFiling multiple reports for a single large transaction to ensure accuracy
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Answer
ADeliberately breaking a large transaction into smaller amounts to stay under reporting thresholds
Deliberately breaking up a large transaction into smaller amounts to stay under reporting thresholds and avoid detection — it's illegal even if the underlying funds are legitimate.

Which of the following is considered a "red flag" that may indicate money laundering?

  1. AA customer who deposits the same amount on the same date every month
  2. BA customer conducting frequent transactions just below the $10,000 reporting threshold
  3. CA customer who asks detailed questions about account fees
  4. DA customer who prefers to bank in person rather than online
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Answer
BA customer conducting frequent transactions just below the $10,000 reporting threshold
A customer conducting frequent transactions just below the $10,000 reporting threshold in a short time span — a classic structuring pattern that AML monitoring is designed to catch.

What is "know your customer" (KYC) in the context of AML compliance?

  1. AMarket research to identify which products a customer is most likely to buy
  2. BA credit scoring process that sets a customer's borrowing limit
  3. CVerifying a customer's identity and understanding their financial activity to assess risk
  4. DA survey measuring customer satisfaction with the institution
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Answer
CVerifying a customer's identity and understanding their financial activity to assess risk
The process of verifying a customer's identity and understanding the nature of their financial activity so the institution can assess risk and detect unusual behavior — the foundation most AML programs are built on.

Does a Suspicious Activity Report (SAR) require proof that a crime occurred?

  1. ANo — a SAR is filed on reasonable suspicion of illicit activity, not proof
  2. BYes — a SAR requires documented evidence that a crime has been committed
  3. CYes — a SAR may only be filed after law enforcement confirms an investigation
  4. DNo — but a SAR may only be filed once the funds have been frozen
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Answer
ANo — a SAR is filed on reasonable suspicion of illicit activity, not proof
No — a SAR is filed based on reasonable suspicion of illicit activity, not proof. Institutions are required to report suspicious patterns even without certainty.

What is a "shell company," and why is it relevant to AML?

  1. AA company that has declared bankruptcy but remains legally registered
  2. BA publicly traded company whose shares are held mostly by institutions
  3. CA foreign subsidiary that files its own separate tax return
  4. DA company with no significant assets or operations, often used to disguise the true ownership or origin of funds
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Answer
DA company with no significant assets or operations, often used to disguise the true ownership or origin of funds
A company with no significant assets or operations, often used to disguise the true ownership or origin of funds — shell companies are a common tool in the layering stage of money laundering.
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FAQ

Questions, answered.

Who is required to complete AML training?

Employees of banks, credit unions, and other financial institutions covered by the Bank Secrecy Act, especially those in roles that touch transactions, compliance, or customer onboarding.

How often is AML training required?

Most institutions require it annually as part of their BSA/AML compliance program, though the exact cadence is set by the institution's own risk-based program.

What are the three stages of money laundering?

Placement (introducing illicit funds into the financial system), layering (obscuring the funds' origin through complex transactions), and integration (reintroducing the funds as apparently legitimate).

Is Cambo affiliated with FinCEN or any government agency?

No. Cambo is an independent study tool, not produced or endorsed by the Financial Crimes Enforcement Network or any federal agency.

What is a Suspicious Activity Report (SAR)?

A report financial institutions must file when they detect a transaction that appears to involve potential money laundering, fraud, or other illicit activity, regardless of the dollar amount.

What is the Bank Secrecy Act?

The primary U.S. law requiring financial institutions to assist government agencies in detecting and preventing money laundering, forming the foundation of most AML compliance programs.

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