AML / CFT TEST Welcome to your e-assessment.Number of Questions: 20Time Allowed: 20 minutes.You are allowed only one (1) attempt. Name Email Organisation What is willful blindness? (a) Failure to file Suspicious Transaction Report (b) Violating Customer Identification Procedures (c) Mocking the customer during transactions (d) Ignoring obvious signs related to Money Laundering & terrorist financing. 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 (c) Employees unwilling to take a vacation (d) All of the above 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. (c) The standard flag of countries not cooperative in fighting money laundering (d) None of the above 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 It is illegal to disclose the contents of a Suspicious Transaction Report to. (a) Customer (b) Staff (c) Law Enforcement Agent (d) Nigerian Financial Intelligence Unit 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 (c) Process of physical cleaning of dirty money from traces of drugs and cocaine (d) None of the above 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 (c) Unusual transaction (d) All of the above ________ 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 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 (c) More than two addresses within the same year. (d) All of the above What is the purpose of AML/CFT compliance in banks? (a) To satisfy Law Enforcement Agencies (b) To meet the requirements of the law (c) To insulate the bank against the consequences of money laundering and terrorist financing (d) To showcase compliance to customers Listed below are types of Money Laundering except: a) Group Laundering b) Self-Laundering c) Stand-alone/Autonomous Laundering d) Third party laundering The Know Your Customer procedure involves: (a) Identification of customer’s ID (b) Verification of customer identity (c) Verification of the origin of the customer (d) Monitoring the account of the customer FATF Guidance on COVID-19 was issued when a) May 1st, 2020 b) May 2nd, 2020 c) May 3rd, 2020 d) May 4th, 2020 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 (c) High risk customers and we need to closely monitor their accounts / transactions. (d) None of the above Which of the following applies to AML/CFT compliance? (a) Developing internal control processes and policies (b) Establishing cashless banking (c) Recognizing high net-worth customers (d) Refusing to open high risk account Depositing cash into several related accounts is an example of what stage of money laundering? (a) Integration (b) Placement (c) Layering (d) Investing 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. ________ 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 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 (c) A marketing criteria which has nothing to do with combating money laundering. (d) All of the above 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 1 out of 20 Ronalds Esealuka2020-07-06T10:38:14+01:00FacebookTwitterLinkedInPinterest