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Home / Guides / Trade-Based Money Laundering: Basic Tech…

Final exam · 10 questions · pass at 8/10

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10 questions across all 2 chapters. Score 8 or better and claim a free, verifiable certificate of completion you can add to your LinkedIn profile. Retake it as often as you like.

01 Chapter 1 Under the FATF 2006 definition, trade-based money laundering involves disguising proceeds of crime through which primary mechanism?

A Cash smuggling across international borders B Use of trade transactions to move and legitimize illicit value C Structuring deposits to stay below reporting thresholds D Anonymous shell company ownership in secrecy jurisdictions

02 Chapter 1 In an under-invoicing scheme, which party retains the laundered value and through what mechanism?

A The customs authority, through uncollected import duties B A correspondent bank holding the settlement payment C The importer, by selling goods at true market price after paying a discounted invoice D The exporter, by receiving a higher payment than the goods are worth

03 Chapter 1 An exporter invoices an importer for 40,000 USD for goods with a fair market value of 25,000 USD. What is the laundered amount and who benefits?

A 40,000 USD benefits the exporter, who recovers all production costs B 25,000 USD benefits the importer, who resells at the declared price C 10,000 USD benefits the importer, who pays less than market value D 15,000 USD benefits the exporter, who retains the surplus above true value

04 Chapter 1 Why does complex supply chain structure increase the risk of undetected TBML invoicing fraud?

A It makes establishing the fair market price harder for any single authority to verify B It eliminates the need for physical shipment of goods in the transaction C It reduces the number of parties required to collude in the scheme D It allows the importer to avoid paying customs duties on the shipment entirely

05 Chapter 1 A compliance officer notices that a corporate customer's import invoices are consistently priced 35% below published commodity benchmarks. What is the most appropriate next step?

A File a SAR immediately without conducting any further investigation B Request supporting documentation to establish fair market value and review the counterparty relationship for other red flags C Accept the invoices as legitimate because the customer has a long-standing account with no prior issues D Report the discrepancy to the customs authority only and take no further internal action

06 Chapter 2 In a multiple-invoicing scheme, why are invoices typically routed to different financial institutions?

A To comply with payment diversification requirements under trade finance regulations B To reduce foreign exchange conversion fees on large cross-border payments C To avoid triggering correspondent banking charges on repeat transactions D To fragment oversight so no single institution can see the total payments made for one order

07 Chapter 2 Which explanation is a common cover story used by colluding parties when a duplicate invoice is queried by a financial institution?

A The goods were damaged in transit and a replacement shipment is required B The original invoice was mistakenly sent to the wrong customer C The payment terms were amended or a late payment fee was added to the original order D The currency of the original invoice has been redenominated by the central bank

08 Chapter 2 An importer pays for 1,000 units of electronic components but receives only 600 units. How does this facilitate money laundering?

A Payment for 400 units that were never shipped transfers equivalent value from importer to exporter with no legitimate commercial basis B The importer reports the shortage as a stock loss, which artificially reduces taxable income C The freight forwarder retains the value of the missing units as an undeclared commission D The customs authority refunds the duties paid on the undelivered units to the importer

09 Chapter 2 What distinguishes a phantom shipment from a standard over-shipment fraud?

A Phantom shipments use over-invoicing while over-shipment fraud uses under-invoicing B In a phantom shipment, no goods are physically moved at all and all trade documents are fabricated C Phantom shipments only occur in the services sector, not the goods sector D Over-shipment fraud requires a freight forwarder while phantom shipments are always broker-arranged

10 Chapter 2 An exporter declares luxury watches on the invoice and bill of lading but ships cheap plastic gadgets instead. Which party benefits and what is the mechanism?

A The customs authority, which collects higher import duties on the declared luxury goods B The importer, who resells the cheap items at the watch price using falsified retail documentation C The freight forwarder, who retains the difference between declared value and actual cargo value D The exporter, who receives payment for high-value goods but ships low-value goods and retains the difference

0 of 10 answered

Not this time, and that is fine: the exam is here to point you at what to rewatch. Review the chapters below, then retake the exam. Your best path is the study notes panel on each chapter.

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