Welcome to your e-assessment.

Number of Questions: 20

Time Allowed: 15 minutes.

You are allowed only one (1) attempt.

Name

Organisation

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

(a) To satisfy Law Enforcement Agencies

(b) To meet the requirements of the law

(d) To showcase compliance to customers

None

Listed below are controls of Customer Due Diligence

i. Prevention

ii. Detection

iii. Correction

iv. Direction

a) i.ii

b) I,ii,iv

c) All of the above

d) None of the above

None

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

a) Structuring

b) Layering

c) Cuckoo Smurfing

d) All of the above

None

Customer risk rating is:

(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

(d) All of the above

None

In compliance terminology, red-flag means?

(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.

(d) None of the above

None

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

(a) Customer

(b) Staff

(d) Nigerian Financial Intelligence Unit

None

Which of the following applies to AML/CFT compliance?

(a) Developing internal control processes and policies

(b) Establishing cashless banking

(d) Refusing to open high risk account

None

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

a) Launderers

b) Fronts

c) Smurfs

d) Mules

None

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

b) Iii,iv,v

c) All of above

d) None of the above

None

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

(a) Integration

(b) Placement

(d) Investing

None

FATF Guidance on COVID-19 was issued when

a) May 1st, 2020

b) May 2nd, 2020

c) May 3rd, 2020

d) May 4th, 2020

None

The sequential order of Money Laundering stages is as follows:

(a) Placement, Integration, Layering.

(b) Smurfing, Placement, Integration.

(d) Placement, Layering, Integration.

None

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

(b) Suspicious transaction

(d) All of the above

None

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

(a) VIP customers and we need to offer them extra care & services

(b) Normal customers and nothing extra should be done with them

(d) None of the above

None

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.

(b) Process of cleaning money or gold by using special washing machines and detergents

(d) None of the above

None

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.

None

The Know Your Customer procedure involves:

(a) Identification of customer’s ID

(b) Verification of customer identity

(d) Monitoring the account of the customer

None

Listed below are types of Money Laundering except:

a) Group Laundering

b) Self-Laundering

c) Stand-alone/Autonomous Laundering

d) Third party laundering

None

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

(d) All of the above

None

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.

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

(d) All of the above

None

1 out of 20

Providus Bank Test

Welcome to your e-assessment.

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