Providus Bank Test

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Number of Questions: 20

Time Allowed: 10 minutes.

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Name

Organisation

A UBO is

a) a natural person who controls the mind and the management of another company

b) A natural person that owns 5% and above stake in another company

c) A corporate person that owns 5% and above stake in another company

d) a & b

None

______ is the imposition of Asset Freezing or prevention of the direct or indirect movements of funds for the benefits of an individual, entities, groups or organisation that are sanctioned

Post no Debit (PND)

Targeted Financial Sanctions

Targeted Terrorist Financiers

Proliferation of Weapons of Mass Destruction

None

What are the attributes of Offshore Financial Centers (OFC)?

Centres with weak AML/CFT/CPF legislations

The transactions are initiated elsewhere

The Majority of the institutions involved are controlled by non-residence

All of the above

None

Customer Due Diligence regarding A transfer instruction from a customer to a third party requires

CDD procedure to cover customer only

CDD procedure to cover transfer only

CDD procedure to cover customer and Third party only

CDD procedure to cover customer, transfer and third party only

None

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

To satisfy Law Enforcement Agencies

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

To showcase compliance to customers

To meet the requirements of the law

None

A request for CDD exemption by a customer could be allowed

If customer is High Networth Individual

In line with policy and approval

If customer is a Tier 3

If customer is known to ED or a PEP

None

Pillars of Customer Due Diligence includes____

a. Customer Acceptance Policy (CAP), Customer Identification Procedure (CIP)

b. Monitoring of Transaction (MoT), Risk Management (RM

c. Suspicious Transactions Report (STR), Suspicious Activities Report (SAR)

d. All of the above

e. A & B above

None

The Know Your Customer procedure involves:

Verification of customer identity

Verification of the origin of the customer

Identification of customer’s ID

Monitoring the account of the customer

None

A PND advised by the LEAs can be lifted by

Compliance

Court Order

Branch Leader

Undertaken from Relationship Manager

None

In compliance terminology, red-flag means?

A term used once the balance is negative or overdue

The standard flag of countries not cooperative in fighting money laundering

None of the above

A warning sign used to bring attention to a potentially suspicious or risky transaction/activity

None

__________ involves collecting and analyzing data, information and facts about a customer that should enable the bank assess the extent to which the customer is exposed to a range of risks i.e ML, TF, Fraud, etc

Know Your Customer

Customer Due Diligence

Transaction Monitoring

All of the above

None

ABC Limited offers construction services to River state. Therefore, ABC Limited is regarded as

a PEP

PEP Associate

a Government Contractor

a Government Contractor and a PEP

None

Customer risk rating is:

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

marketing criteria which have nothing to do with combating money laundering

Not important as banks should treat their customers equally and without discrimination

All of the above

None

Which of the following is an unusual activity?

Employees unwilling to take a vacation

Customer with a lot of musty bills for deposit

Large volume of deposits into a dormant account

All of the above

None

The sequential order of Money Laundering stages is as follows:

Placement, Integration, Layering

Placement, Willful Blindness, Integration

Placement, Layering, Integration

Smurfing, Placement, Integration

None

Money laundering is defined as the:

Process of physical cleaning of dirty money from traces of drugs and cocaine

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

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

None of the above

None

The unlawful use, or threatened use, of force or violence against individuals or property to intimidate or coerce governments or societies, often to achieve political, religious & ideological objectives

Terrorist

Terrorism

Terrorist Financing

All of the above

None

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

Law Enforcement Agent

Staff

Nigerian Financial Intelligence Unit

Customer

None

_____ is the transfer and export of nuclear, chemical or biological weapons; their means of delivery and related materials. This could include, inter alia, technology, goods, software, services or expertise

Transfer Pricing

Trade Based Money Laundering

Importer and Exporter

Proliferation

None

The most current of the following acts/regulations was signed in the year _____

Money Laundering (Prevention & Prohibition) Act (MLPPA)
Terrorism (Prevention & Prohibition) Act (TPPA)
Proceeds of Crime (Recovery & Management) Act (POCA)
Central Bank of Nigeria (Anti Money Laundering, Combating the Financing of Terrorism and Countering Proliferation Financing of Weapons of Mass Destruction in Financial Institutions) Regulations

2018

2020

2021

2022

None

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