AML-CFT Test | DataPro Limited

Welcome to your AML / CFT TEST

This Test will run for 20 minutes.

Name

Email

Organisation

Listed below are controls of Customer Due Diligence

i. Prevention

ii. Detection

iii. Correction

iv. Direction

a) i.ii

d) None of the above

c) All of the above

b) I,ii,iv

The sequential order of Money Laundering stages is as follows:

(d) Placement, Layering, Integration.

(b) Smurfing, Placement, Integration.

(c) Placement, Willful Blindness, Integration.

(a) Placement, Integration, 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.

(d) None of the above

(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

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

(c) Unusual transaction

(a) Normal transaction

(b) Suspicious transaction

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

a) I,ii,iii

c) All of above

b) Iii,iv,v

d) None of the above

Depositing cash into several related accounts is an example of what stage of money laundering?

(a) Integration

(d) Investing

(b) Placement

(c) Layering

What is the purpose of AML/CFT compliance in banks?

(b) To meet the requirements of the law

(d) To showcase compliance to customers

(c) To insulate the bank against the consequences of money laundering and terrorist financing

(a) To satisfy Law Enforcement Agencies

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.

(b) A term used once the balance is negative or overdue.

(c) The standard flag of countries not cooperative in fighting money laundering

The Know Your Customer procedure involves:

(d) Monitoring the account of the customer

(c) Verification of the origin of the customer

(a) Identification of customer’s ID

(b) Verification of customer identity

Which of the following is an unusual activity?

(a) Large volume of deposits into a dormant account

(d) All of the above

(b) Customer with a lot of musty bills for deposit

(c) Employees unwilling to take a vacation

Which of the following should make you exercise greater caution when dealing with new customers?

(a) Bad record of personal financial management over the last 2 years.

(c) More than two addresses within the same year.

(d) All of the above

(b) Customer’s passport showing regular visits to countries known for the production or processing of hard drugs

________ involves money launderers using bank accounts of innocent individuals or business to store and move money round the world

d) All of the above

a) Structuring

c) Cuckoo Smurfing

b) Layering

It is illegal to disclose the contents of a Suspicious Transaction Report to.

(c) Law Enforcement Agent

(a) Customer

(b) Staff

(d) Nigerian Financial Intelligence Unit

Listed below are types of Money Laundering except:

b) Self-Laundering

c) Stand-alone/Autonomous Laundering

d) Third party laundering

a) Group Laundering

Customer risk rating is:

(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.

(b) Something of great importance as High risk customers need more monitoring and due diligence

FATF Guidance on COVID-19 was issued when

b) May 2nd, 2020

c) May 3rd, 2020

a) May 1st, 2020

d) May 4th, 2020

Non-face-to-face customers, FEPs, PEPs are considered as?

(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

(c) High risk customers and we need to closely monitor their accounts / transactions.

________ are individuals hired to deposit criminal proceeds into bank accounts under the guise of ordinary financial activity

d) Mules

b) Fronts

a) Launderers

c) Smurfs

What is willful blindness?

(b) Violating Customer Identification Procedures

(c) Mocking the customer during transactions

(a) Failure to file Suspicious Transaction Report

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