CAMS · Question #758
Which scenario indicates potential money laundering activity by a lawyer?
The correct answer is A. A lawyer's trust account regularly receives wire transfers from unknown remitters from a higher-. Lawyers' trust accounts are commonly exploited for money laundering, particularly for layering and integration stages. Option A (Correct): Receiving and immediately forwarding wire transfers from unknown sources in a high-risk jurisdiction is a strong red flag for money…
Question
Which scenario indicates potential money laundering activity by a lawyer?
Options
- AA lawyer's trust account regularly receives wire transfers from unknown remitters from a higher-
- BA lawyer located in a higher-risk country deposits their firm's bank draft issued from their trust
- CA lawyer's trust account receives a large-value wire transfer from a regulated insurance company
- DA lawyer's trust account receives a large wire transfer deposit from a client that wanted to
How the community answered
(25 responses)- A76% (19)
- B12% (3)
- C8% (2)
- D4% (1)
Explanation
Lawyers' trust accounts are commonly exploited for money laundering, particularly for layering and integration stages. Option A (Correct): Receiving and immediately forwarding wire transfers from unknown sources in a high-risk jurisdiction is a strong red flag for money laundering.
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