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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
________ 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
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?
(b) Suspicious transaction
(c) Unusual transaction
(d) All of the above
(a) Normal transaction
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
a) i.ii
d) None of the above
What is willful blindness?
(a) Failure to file Suspicious Transaction Report
(b) Violating Customer Identification Procedures
(d) Ignoring obvious signs related to Money Laundering & terrorist financing.
(c) Mocking the customer during transactions
Listed below are types of Money Laundering except:
b) Self-Laundering
d) Third party laundering
a) Group Laundering
c) Stand-alone/Autonomous Laundering
Money laundering is defined as the:
(b) Process of cleaning money or gold by using special washing machines and detergents
(d) None of the above
(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.
FATF Guidance on COVID-19 was issued when
d) May 4th, 2020
b) May 2nd, 2020
a) May 1st, 2020
c) May 3rd, 2020
Depositing cash into several related accounts is an example of what stage of money laundering?
(c) Layering
(d) Investing
(b) Placement
(a) Integration
Which of the following should make you exercise greater caution when dealing with new customers?
(b) Customer’s passport showing regular visits to countries known for the production or processing of hard drugs
(a) Bad record of personal financial management over the last 2 years.
(d) All of the above
(c) More than two addresses within the same year.
In compliance terminology, red-flag means?
(d) None of the above
(c) The standard flag of countries not cooperative in fighting money laundering
(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.
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.
What is the purpose of AML/CFT compliance in banks?
(a) To satisfy Law Enforcement Agencies
(c) To insulate the bank against the consequences of money laundering and terrorist financing
(d) To showcase compliance to customers
(b) To meet the requirements of the law
Which of the following is an unusual activity?
(c) Employees unwilling to take a vacation
(b) Customer with a lot of musty bills for deposit
(a) Large volume of deposits into a dormant account
(d) All of the above
It is illegal to disclose the contents of a Suspicious Transaction Report to.
(a) Customer
(b) Staff
(d) Nigerian Financial Intelligence Unit
(c) Law Enforcement Agent
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
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
a) I,ii,iii
c) All of above
d) None of the above
The sequential order of Money Laundering stages is as follows:
(a) Placement, Integration, Layering.
(d) Placement, Layering, Integration.
(c) Placement, Willful Blindness, Integration.
(b) Smurfing, Placement, Integration.
________ are individuals hired to deposit criminal proceeds into bank accounts under the guise of ordinary financial activity
c) Smurfs
a) Launderers
b) Fronts
d) Mules
Customer risk rating is:
(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
(c) A marketing criteria which has nothing to do with combating money laundering.
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