AML Quiz

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| By Mylene.mislan127
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Mylene.mislan127
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| Attempts: 1,823 | Questions: 16
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1. 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

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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About This Quiz
AML Quiz - Quiz

The AML Quiz assesses knowledge on anti-money laundering practices, focusing on roles, money laundering stages, typical laundering tactics, and compliance misconceptions. It is crucial for professionals in finance... see moreand compliance roles. see less

2. 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

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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3. Which are the stages of money laundering?

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

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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5. Disclosing that an investigation is being contemplated on  the customer's account is considered as:

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

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

Explanation

If a player is under investigation – we can keep the documents as long as required by the regulator / authorities.

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8. 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

Explanation

We can accept PEP but they are placed on High risk list for ongoing monitoring

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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.

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

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

Explanation

Suspicions must be reported to our MLRO

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12. 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!  

Explanation

The explanation for the given correct answer (Option 1) is not available.

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13. What is our threshold transaction amount?

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. Select 3 possible indicators to look for in Money Laundering.

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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15. Who is our Deputy Money Laundering Reporting Officer?

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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16. 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 ___________________.

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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Indicate whether the following statement is True or False.Criminals...
John made an initial deposit of GBP 2,500 to his 138.com...
Which are the stages of money laundering?
Probationary employees have no liability and are exempted from...
Disclosing that an investigation is being contemplated on  the...
Select the potential risks to the company if we fail to implement...
How long should we retain player records (Documents/Photo...
We do not accept Politically Exposed Person (PEP) as customers due to...
Launderers are most vulnerable to being caught during the Integration...
The laundering stage that separates the illicit money from its source....
Reported suspicions will be fully evaluated and documented by the...
We know that everyone's excited about Friday's Pageant Parade, and in...
What is our threshold transaction amount?
Select 3 possible indicators to look for in Money Laundering.
Who is our Deputy Money Laundering Reporting Officer?
It is not easy to launder large volume of cash from online gambling...
Alert!

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