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