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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
The sequential order of Money Laundering stages is as follows:
(a) Placement, Integration, Layering.
(c) Placement, Willful Blindness, Integration.
(b) Smurfing, Placement, Integration.
(d) Placement, Layering, Integration.
Which of the following should make you exercise greater caution when dealing with new customers?
(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
(d) All of the above
Money laundering is defined as the:
(b) Process of cleaning money or gold by using special washing machines and detergents
(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
(c) Process of physical cleaning of dirty money from traces of drugs and cocaine
Customer risk rating is:
(d) All of the above
(c) A marketing criteria which has nothing to do with combating money laundering.
(a) Not important as banks should treat their customers equally and without discrimination.
(b) Something of great importance as High risk customers need more monitoring and due diligence
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
(c) Employees unwilling to take a vacation
(d) All of the above
Listed below are controls of Customer Due Diligence
i. Prevention
ii. Detection
iii. Correction
iv. Direction
c) All of the above
a) i.ii
d) None of the above
b) I,ii,iv
FATF Guidance on COVID-19 was issued when
b) May 2nd, 2020
c) May 3rd, 2020
a) May 1st, 2020
d) May 4th, 2020
It is illegal to disclose the contents of a Suspicious Transaction Report to.
(b) Staff
(c) Law Enforcement Agent
(d) Nigerian Financial Intelligence Unit
(a) Customer
What is the purpose of AML/CFT compliance in banks?
(d) To showcase compliance to customers
(b) To meet the requirements of the law
(a) To satisfy Law Enforcement Agencies
(c) To insulate the bank against the consequences of money laundering and terrorist financing
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
d) None of the above
b) Iii,iv,v
a) I,ii,iii
c) All of above
The Know Your Customer procedure involves:
(a) Identification of customer’s ID
(d) Monitoring the account of the customer
(c) Verification of the origin of the customer
(b) Verification of customer identity
Which of the following applies to AML/CFT compliance?
(c) Recognizing high net-worth customers
(d) Refusing to open high risk account
(b) Establishing cashless banking
(a) Developing internal control processes and policies
In compliance terminology, red-flag means?
(a) A warning sign used to bring attention to a potentially suspicious or risky transaction/activity.
(d) None of the above
(b) A term used once the balance is negative or overdue.
(c) The standard flag of countries not cooperative in fighting money laundering
Listed below are types of Money Laundering except:
d) Third party laundering
c) Stand-alone/Autonomous Laundering
a) Group Laundering
b) Self-Laundering
________ are individuals hired to deposit criminal proceeds into bank accounts under the guise of ordinary financial activity
c) Smurfs
b) Fronts
a) Launderers
d) Mules
What is willful blindness?
(c) Mocking the customer during transactions
(b) Violating Customer Identification Procedures
(d) Ignoring obvious signs related to Money Laundering & terrorist financing.
(a) Failure to file Suspicious Transaction Report
Depositing cash into several related accounts is an example of what stage of money laundering?
(b) Placement
(a) Integration
(c) Layering
(d) Investing
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?
(a) Normal transaction
(c) Unusual transaction
(b) Suspicious transaction
(d) All of the above
Non-face-to-face customers, FEPs, PEPs are considered as?
(b) Normal customers and nothing extra should be done with them
(a) VIP customers and we need to offer them extra care & services
(c) High risk customers and we need to closely monitor their accounts / transactions.
(d) None of the above
________ involves money launderers using bank accounts of innocent individuals or business to store and move money round the world
d) All of the above
c) Cuckoo Smurfing
b) Layering
a) Structuring
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