10. What are the three stages of the money laundering process?

• a. placement, layering, and integration
• b. acquisition, deposit, and disbursement
• c. earning, covering, and titling
• d. placement, titling, and formalizing

18. What is the primary purpose for requiring financial institutions to periodically test their AML programs?

• a. to determine how many previous transactions should have been reported to FinCEN but were not
• b. to identify company employees and producers who are involved in money laundering
• c. to assess the effectiveness of the company's AML program
• d. to determine whether the company has marketed or placed any covered products