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DATA PROTECTION COMPLIANCE
ENHANCED DUE DILIGENCE
BUSINESS INFORMATION SERVICES
April 2021 Compliance Test
Welcome to your Test.
Number of Questions:
You are allowed only one (1) attempt.
………….. is not an Instrument of Regulation used by the CBN
a) Liquidity Ratio
b) Cash Reserve Ratio
c) Depositors Road Show
Money laundering is defined as the:
a) Process of physical cleaning of dirty money from traces of drugs and cocaine
b) 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 cleaning money or gold by using special washing machines and detergents
d) None of the above
Listed below are process of Customer Risk Assessment except?
a) Risk Identification & Risk Analysis
b) Mitigation and Control
c) Monitoring & Review
d) Report & Archive
The divisions of Criminology are:
a) Placement, Layering and integration
b) Executive, Legislative and Judiciary
c) Causes, Law and punishment
d) Police, Criminal and Victim
In compliance terminology, red-flag means?
a) A term used once the balance is negative or overdue
b) The standard flag of countries not cooperative in fighting money laundering
c) None of the above
d) A warning sign used to bring attention to a potentially suspicious or risky transaction/activity
a) Financial Act Task Force
b) Finance Action Task Force
c) Financial Action Training Force
d) Financial Action Task Force
A PND advised by the LEAs can be lifted by
b) Court Order
c) Branch Leader
d) Undertaken from Relationship Manager
A request for CDD exemption by a customer could be allowed
a) If customer is High Networth Individual
b) In line with policy and approval
c) If customer is a Tier 3
d) If customer is known to ED or a PEP
Customer risk rating is:
a) Something of great importance as High risk customers need more monitoring and due diligence
b) All of the above
c) Marketing criteria which have nothing to do with combating money laundering.
d) Not important as banks should treat their customers equally and without discrimination.
Non-face-to-face customers, FEPs, PEPs are considered as?
a) None of the above
b) High risk customers and we need to closely monitor their accounts / transactions
c) VIP customers and we need to offer them extra care & services
d) Normal customers and nothing extra should be done with them
The sequential order of Money Laundering stages is as follows:
a) Placement, Integration, Layering.
b) Placement, Willful Blindness, Integration.
c) Placement, Layering, Integration.
d) Smurfing, Placement, Integration
One of the strongest factors that brought about regulation of bank in history especially in Nigeria was the need to?
a) Encourage Government to own bank
b) Strengthening Governance
c) Strengthening Capitalization
d) B & C
ABC Limited offers construction services to River state. Therefore, ABC Limited is regarded as
a) a PEP
b) PEP Associate
c) a Government Contractor
d) a Government Contractor and a PEP
What is the purpose of AML/CFT compliance in banks?
a) To satisfy Law Enforcement Agencies
b) To insulate the bank against the consequences of money laundering and terrorist financing
c) To showcase compliance to customers
d) To meet the requirements of the law
……………. Is not a global standard setter for AML/CFT Compliance
c) Wolfsberg Group
16 out of 15
Time is Up!
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