Anti Money Laundering
Questions relating to money laundering and the ways and means of preventing it.
- 1.
A number of recomendations have been made by whom?
- A.
Financial Action Task Field
- B.
Financial Aging Terror Fund
- C.
Fincial Action Task Force
- D.
Finacial Laundering Task Force
Correct Answer
C. Fincial Action Task ForceExplanation
FATF is the task force assigned to advise governments of their AML requirementsRate this question:
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- 2.
Which Countries are not allowed gamble?
- A.
Australia, Cuba & Italy
- B.
Australia, Cuba, Italy & Korea
- C.
Ireland
- D.
UK
Correct Answer
B. Australia, Cuba, Italy & KoreaExplanation
There are a long list of countries from which gambling is not allowed you should familiarise yourself with these countriesRate this question:
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- 3.
Under FATF guidelines companies have a duty of care called what?
- A.
Know Your Customer
- B.
Monitor Customers manually
- C.
Customer Due Care
- D.
Customer Due Diligence
Correct Answer
A. Know Your CustomerExplanation
Customer Due Diligence is the responsibility of the company to verify and monitor all customers transactions to ensure they are not acting in an unlawful way - it is up to every memeber of boylesports to be vigilent for thisRate this question:
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- 4.
Know Your Customer (KYC) in Boylesports - Customers are required to provide what compulsory details when registering?
- A.
Name, Address & DOB
- B.
Name, Address, DOB and Telephone number
- C.
Name, Address & Credit Card
- D.
Name & Address
Correct Answer
B. Name, Address, DOB and Telephone numberExplanation
Name and address and DOB are very important but so also is a customers telephone number - many records can be checked using a customers telephone number and there may be many instances where we will need to contact the customerRate this question:
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- 5.
How long are verification records required to be kept by Boylesports?
- A.
5 Years
- B.
2 Years
- C.
6 Months
- D.
3 Years
Correct Answer
A. 5 YearsExplanation
5 Years - All records including any information obtained about the customer including proof that we have carried out a name and address check on the customerRate this question:
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- 6.
If I see something that looks suspicious what should I do?
- A.
Say nothing and hope that it will go away
- B.
Inform your Supervisor or Manager
- C.
Inform the MLRO immediately
- D.
Contact the Police
Correct Answer
B. Inform your Supervisor or ManagerExplanation
Your first priority is to bring the transactions to your Supervisor who in turn is obliged to report it to his/her manager should it be deemed necessaryRate this question:
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- 7.
If I don't report activity that is deemed suspicious and is later discovered has been involved in money laundering - what will happen?
- A.
You could be held guilty of an offence and liable to a fine or imprisonment.
- B.
Boylesports will be fined
- C.
The MLRO will be held guilty of an offence and liable to a fine or imprisonment.
- D.
Nothing will happen
Correct Answer
A. You could be held guilty of an offence and liable to a fine or imprisonment.Explanation
It is up to each individual to be vigilant to combat money laundering. The law sees no excuse in those who do not reactRate this question:
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- 8.
Who is Boylesports MLRO (Money Laundering Relations Officer)
- A.
Mark Matthews
- B.
Camilla Gilson
- C.
John Boyle
- D.
Michael Bent
Correct Answer
D. Michael BentExplanation
Michael Bent is the appointed MLRO office whose job it is to report any breaches or suspicious activity to the relevant authoritiesRate this question:
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Quiz Review Timeline +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Current Version
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Mar 21, 2023Quiz Edited by
ProProfs Editorial Team -
Sep 24, 2008Quiz Created by
Minty
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