AML Quiz

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| By Mylene.mislan127
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Mylene.mislan127
Community Contributor
Quizzes Created: 2 | Total Attempts: 18,217
Questions: 16 | Attempts: 1,709

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AML Quiz - Quiz


Questions and Answers
  • 1. 

    Who is our Deputy Money Laundering Reporting Officer?

    • A.

      Chris Kirkham

    • B.

      Steve Templeman

    • C.

      Lisa Karran

    • D.

      H Dewar

    Correct Answer
    A. Chris Kirkham
    Explanation
    Suspicions must alerted to the MLRO (Money Laundering Reporting Officer) using the Suspicious Transaction form (Lisa Karran is MLRO & Chris Kirkham is Deputy MLRO);

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  • 2. 

    Which are the stages of money laundering?

    • A.

      Entering in the system

    • B.

      Placement

    • C.

      Legitimising

    • D.

      Integration

    • E.

      Whitening

    • F.

      Layering

    Correct Answer(s)
    B. Placement
    D. Integration
    F. Layering
    Explanation
    The stages of money laundering are placement, integration, and layering. Placement refers to the process of introducing illegally obtained funds into the financial system. Integration involves merging the illicit funds with legitimate assets to make them appear legal. Layering is the complex process of disguising the source of funds through multiple transactions and transfers, making it difficult to trace the original source of the money. This sequence of stages allows criminals to effectively launder their illicit proceeds and make them appear legitimate.

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  • 3. 

    It is not easy to launder large volume of cash from online gambling sites. Launderers typically use gambling accounts as means to acquire funds by: ______________ and ___________________.

    • A.

      Hedging

    • B.

      Depositing funds using stolen credit cards

    • C.

      Bonus seekers

    • D.

      Identity fraud

    Correct Answer(s)
    B. Depositing funds using stolen credit cards
    D. Identity fraud
    Explanation
    With regard to Online Gaming, the use of the site is generally the means of committing the crime rather than being used as a major means of laundering money obtained through other criminal activity. This still means that the activity falls under the Money Laundering law.

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  • 4. 

    Indicate whether the following statement is True or False.Criminals almost always launder money solely through banks and other financial institutions. Therefore anti-money laundering compliance is not a serious issue for other types of businesses

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    The statement is false because criminals do not solely launder money through banks and financial institutions. They also use other types of businesses, such as casinos, real estate, and shell companies, to launder their illicit funds. Anti-money laundering compliance is a serious issue for all types of businesses, as they can unknowingly become involved in money laundering schemes and face legal consequences.

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  • 5. 

    Reported suspicions will be fully evaluated and documented by the Fraud Team Manager.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    Suspicions must be reported to our MLRO

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  • 6. 

    John made an initial deposit of GBP 2,500 to his 138.com account. Upon requesting withdrawal, he would need to go through verification. As proof of identification, he presents his Visa Credit card. This is a satisfactory identification before a withdrawal can be made

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    The statement is false because presenting a Visa Credit card as proof of identification is not sufficient for a withdrawal to be made. Verification typically requires additional forms of identification, such as a government-issued ID or a passport, to ensure the account holder's identity and prevent fraud.

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  • 7. 

    We do not accept Politically Exposed Person (PEP) as customers due to their prominent public function. Their position of influence can be used easily for bribery and corruption

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    We can accept PEP but they are placed on High risk list for ongoing monitoring

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  • 8. 

    Probationary employees have no liability and are exempted from receiving monetary penalties/ 2 year imprisonment for Tipping off offenses. 

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    You have a personal responsibility…

    Even if you are a junior member of the team;
    Even if you are a new member of the team.

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  • 9. 

    Launderers are most vulnerable to being caught during the Integration stage – where money is returned to the criminal from what seem to be legitimate source.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    They are more vulnerable on the Placement stage due to the fact that placing large amounts of money (cash) into the legitimate financial system may raise suspicions of officials.

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  • 10. 

    The laundering stage that separates the illicit money from its source. They obscure the audit trails and sever links with original crime to make it appear like a normal financial transaction

    • A.

      Entering in the system

    • B.

      Legitimising

    • C.

      Layering

    • D.

      Placement

    • E.

      Integration

    Correct Answer
    C. Layering
    Explanation
    Layering is the correct answer because it refers to the stage of money laundering where illicit funds are separated from their original source. During this stage, individuals or organizations engage in complex transactions to obscure the audit trails and sever any links with the original crime. The purpose of layering is to make the money appear as if it is part of a legitimate financial transaction, thus making it difficult to trace back to its illegal origins.

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  • 11. 

    Select the potential risks to the company if we fail to implement counteractive measures in preventing AML

    • A.

      Loss of revenue

    • B.

      Attract the wrong kind of business

    • C.

      Removal of license to operate

    • D.

      Directors may be fined

    • E.

      All of the above

    • F.

      None of the above

    Correct Answer
    E. All of the above
    Explanation
    If the company fails to implement counteractive measures in preventing AML, there are several potential risks that can occur. Firstly, there may be a loss of revenue as the company could face fines and penalties for non-compliance with AML regulations. Additionally, the company may attract the wrong kind of business, such as money launderers, which can damage its reputation and credibility. Furthermore, there is a risk of having the license to operate revoked by regulatory authorities if the company does not take appropriate measures to prevent AML. Lastly, the directors of the company may be fined individually for their failure to implement necessary measures. Therefore, all of the above risks are potential consequences of not implementing counteractive measures for AML prevention.

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  • 12. 

    Disclosing that an investigation is being contemplated on  the customer’s account is considered as:

    • A.

      Layering

    • B.

      Suspicious transaction reporting

    • C.

      Failure to disclose

    • D.

      Tipping off

    • E.

      Integration

    Correct Answer
    D. Tipping off
    Explanation
    Tipping off refers to the act of disclosing information about an ongoing investigation to the customer or any other party involved, which could potentially compromise the investigation. This is considered illegal and unethical as it allows the individual being investigated to take steps to evade detection or destroy evidence. It is important to maintain confidentiality and not disclose any information that could tip off the subject of an investigation.

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  • 13. 

    What is our threshold transaction amount?

    • A.

      EUR 3,000

    • B.

      GBP 2,000

    • C.

      CAD 3,000

    • D.

      USD 2,000

    Correct Answer
    A. EUR 3,000
    Explanation
    The threshold transaction amount for this question is EUR 3,000. This means that any transaction below this amount will not be considered significant or require special attention.

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  • 14. 

    How long should we retain player records (Documents/Photo Identification cards)? 

    • A.

      2 years from the end of relationship with player

    • B.

      6 years from the end of relationship with player

    • C.

      We can delete upon customer request provided that the account is deactivated

    • D.

      We cannot remove player records at all. These are retained as paper trail

    Correct Answer
    B. 6 years from the end of relationship with player
    Explanation
    If a player is under investigation – we can keep the documents as long as required by the regulator / authorities.

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  • 15. 

    Select 3 possible indicators to look for in Money Laundering.

    • A.

      Unusual volume of payment destinations, often with the same provider

    • B.

      Holding 2 different credit cards, both of which are not 3D secured

    • C.

      Numerous withdrawals, just under the qualifying threshold

    • D.

      Individual resides in one country, but owns a condominium unit in another

    • E.

      Multiple and frequent deposits followed by multiple and frequent withdrawals, either shortly afterwards or overlapping further deposits

    • F.

      All of the above

    • G.

      None of the above

    Correct Answer(s)
    A. Unusual volume of payment destinations, often with the same provider
    C. Numerous withdrawals, just under the qualifying threshold
    E. Multiple and frequent deposits followed by multiple and frequent withdrawals, either shortly afterwards or overlapping further deposits
    Explanation
    Discrepancies between the information submitted by the customer and information detected by monitoring systems;
    Unusual volume of payment destinations, often with the same provider;
    A large and diverse source of funds (i.e., bank transfers, credit card and cash funding from different locations) used to fund the same account(s);
    Multiple reference bank accounts from banks located in various cities used to fund the same account ;
    Loading or funding of account always done by third parties;
    Numerous withdrawals, just under the qualifying threshold;
    Multiple and frequent deposits followed by multiple and frequent withdrawals, either shortly afterwards or overlapping further deposits;
    Multiple deposits conducted from different payment methods;
    Large number of bank accounts held by the same individual (sometimes in different countries) apparently used as flow- through accounts (may be indicative of layering activity);
    Individual resides in one country but holding accounts in other countries;
    Reluctance to provide Identification information .

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  • 16. 

    We know that everyone’s excited about Friday’s Pageant Parade, and in our excitement we’d like to take pictures.But please be reminded that we are NOT allowed to take pictures around the operations and other sensitive areas.We advise everyone to only take pictures in the Lounge and Pantry. Thank you for your cooperation. 大家都在兴奋的期待周五的巡游,我们也理解大家届时会拍照留恋。但是请注意在运营区和其他敏感区域是禁止拍照的,因此建议大家只在休息区和饭厅拍照,谢谢合作!  

    • A.

      Option 1

    • B.

      Option 2

    • C.

      Option 3

    • D.

      Option 4

    Correct Answer
    A. Option 1
    Explanation
    The explanation for the given correct answer (Option 1) is not available.

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