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AML-CFT Test
AML-CFT Test
Ronalds Esealuka
2020-07-06T23:05:32+01:00
Welcome to your AML / CFT TEST
This Test will run for
20 minutes.
Name
Email
Organisation
Which of the following is an unusual activity?
(a) Large volume of deposits into a dormant account
(b) Customer with a lot of musty bills for deposit
(d) All of the above
(c) Employees unwilling to take a vacation
Listed below are types of Money Laundering except:
d) Third party laundering
c) Stand-alone/Autonomous Laundering
a) Group Laundering
b) Self-Laundering
Which of the following should make you exercise greater caution when dealing with new customers?
(d) All of the above
(c) More than two addresses within the same year.
(a) Bad record of personal financial management over the last 2 years.
(b) Customer’s passport showing regular visits to countries known for the production or processing of hard drugs
A transaction which is beyond a customer’s normal capability & wealth, but which the customer is able to justify with required documents is known as?
(c) Unusual transaction
(b) Suspicious transaction
(a) Normal transaction
(d) All of the above
What is the purpose of AML/CFT compliance in banks?
(c) To insulate the bank against the consequences of money laundering and terrorist financing
(a) To satisfy Law Enforcement Agencies
(d) To showcase compliance to customers
(b) To meet the requirements of the law
Non-face-to-face customers, FEPs, PEPs are considered as?
(c) High risk customers and we need to closely monitor their accounts / transactions.
(d) None of the above
(b) Normal customers and nothing extra should be done with them
(a) VIP customers and we need to offer them extra care & services
The sequential order of Money Laundering stages is as follows:
(b) Smurfing, Placement, Integration.
(c) Placement, Willful Blindness, Integration.
(a) Placement, Integration, Layering.
(d) Placement, Layering, Integration.
In compliance terminology, red-flag means?
(d) None of the above
(a) A warning sign used to bring attention to a potentially suspicious or risky transaction/activity.
(c) The standard flag of countries not cooperative in fighting money laundering
(b) A term used once the balance is negative or overdue.
Customer risk rating is:
(b) Something of great importance as High risk customers need more monitoring and due diligence
(a) Not important as banks should treat their customers equally and without discrimination.
(c) A marketing criteria which has nothing to do with combating money laundering.
(d) All of the above
It is illegal to disclose the contents of a Suspicious Transaction Report to.
(d) Nigerian Financial Intelligence Unit
(b) Staff
(a) Customer
(c) Law Enforcement Agent
Money laundering is defined as the:
(c) Process of physical cleaning of dirty money from traces of drugs and cocaine
(a) Conversion or transfer of money, or property knowing it is derived from a criminal offense, for the purpose of concealing or disguising its illicit origin.
(d) None of the above
(b) Process of cleaning money or gold by using special washing machines and detergents
The Know Your Customer procedure involves:
(c) Verification of the origin of the customer
(a) Identification of customer’s ID
(d) Monitoring the account of the customer
(b) Verification of customer identity
Depositing cash into several related accounts is an example of what stage of money laundering?
(c) Layering
(d) Investing
(a) Integration
(b) Placement
FATF Guidance on COVID-19 was issued when
a) May 1st, 2020
d) May 4th, 2020
b) May 2nd, 2020
c) May 3rd, 2020
What is willful blindness?
(d) Ignoring obvious signs related to Money Laundering & terrorist financing.
(a) Failure to file Suspicious Transaction Report
(b) Violating Customer Identification Procedures
(c) Mocking the customer during transactions
Listed below are controls of Customer Due Diligence
i. Prevention
ii. Detection
iii. Correction
iv. Direction
a) i.ii
b) I,ii,iv
c) All of the above
d) None of the above
Which of the following applies to AML/CFT compliance?
(d) Refusing to open high risk account
(a) Developing internal control processes and policies
(b) Establishing cashless banking
(c) Recognizing high net-worth customers
Listed below are COVID-19 scams and schemes
i. Impersonation of Government Officials, Counterfeiting essential goods such as medical supplies
ii. Fundraising for Fake charities, Fraudulent Investment Schemes
iii. Email and SMS phishing attacks, Business email compromise scams
iv. Ransomware Attacks, Human Trafficking & Exploitation of Workers
v. Online Child Exploitation, Organized Property Crime
b) Iii,iv,v
c) All of above
a) I,ii,iii
d) None of the above
________ involves money launderers using bank accounts of innocent individuals or business to store and move money round the world
c) Cuckoo Smurfing
d) All of the above
a) Structuring
b) Layering
________ are individuals hired to deposit criminal proceeds into bank accounts under the guise of ordinary financial activity
d) Mules
c) Smurfs
a) Launderers
b) Fronts
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