Annual AML Training And Testing
In this quiz on Annual AML Training and Testing, we’ll be taking a look at a handful of question regarding such topics as exposed persons, suspicious transactions, undue relationships, enhanced due diligence and much more. What can you tell us? Let’s find out right now!
- 1.Why is it so important to know that your client is the person they claim to be
- A.
A) Because it is the law
- B.
B) Because the relationship is based on the integrity of the representations
- C.
C) Because identity theft is quite common
- 2.Who do you report a Suspicious Transaction to in your office
- A.
A) The Board of Directors
- B.
B) The President of the Bank
- C.
C) The MLRO
- D.
D) Senior Management
- 3.Who are categorized as exposed persons?
- A.
A) Persons with credit exposures
- B.
B) Persons whose hidden dealings are discovered
- C.
C) Persons who have a level of influence, and are highly visible and accessible
- 4.Which of the following is not considered law subject to penalties, but for advice and direction which if ignored, may lead to sanctions under applicable law?
- A.
A) Laws
- B.
B) Regulations
- C.
C) Guidelines
- 5.Which experiences below are not likely to have a negative effect on a bank's reputation?
- A.
A) Outsourcing to a Service Provider without sufficient due diligence
- B.
B) Stories within the local gossip column
- C.
C) Employee non-compliance with confidential requirements
- 6.Where undue relationships are forged with bank employees, a common objective is for the purpose of
- A.
A) Fraud through collusion
- B.
B) More efficient service
- C.
C) Negligence
- 7.Where an employee acts in such a way as to notify a client that a STR has been filed on their account, this is classified as
- A.
A) Collusion
- B.
B) Witness interference
- C.
C) Tipping off
- 8.When considering a cash transaction, and having verified the identity of the depositor, the bank is most concerned with
- A.
A) The intended use of the funds
- B.
B) the amount of the deposit
- C.
C) The source of the funds
- 9.What is not considered an element of a new client profile?
- A.
A) Purpose of Account
- B.
B) Nature and size of assets
- C.
C) Account holder's political persuasion
- D.
D) Account holder's identification
- 10.What is enhanced due diligence?
- A.
A) When your company has special expertise in due diligence procedures
- B.
B) When you rely on due diligence procedures performed by others
- C.
C) When specific pre-defined circumstances occur, which demand increased due diligence
- 11.What component is the most important element in the prevention of money laundering?
- A.
A) The Laws
- B.
B) The Systems in Place
- C.
C) The People within the System
- 12.Unincorporated entities compared to incorporated, attract an equal standard of due diligence.
- A.
True
- B.
False
- 13.To be labeled a PEP, one must be a Member of Parliament
- A.
True
- B.
False
- 14.To be classified as an eligible introducer, local entities should be:
- A.
A) Licensed under a financial services regulator
- B.
B) A reputable law firm
- C.
C) Known to the bank
- 15.There are generally three stages of money laundering
- A.
True
- B.
False
- 16.The Wolfsberg Principles were composed by a consortium of Compliance Officers
- A.
True
- B.
False
- 17.The transaction monitoring program is most dependent on
- A.
A) The assigned risk rating
- B.
B) The frequency of deposits
- C.
C) The policies of the bank
- 18.The threats we face as a jurisdiction relate only to accepting the proceeds of crime
- A.
True
- B.
False
- 19.The regulatory bodies within The Bahamas (for the purpose of Money Laundering does not include
- A.
A) The Gaming Board
- B.
B) The Business Licensing Authority
- C.
C) The Insurance Commission
- 20.The profile of the prospective client determines a) Whether the prospect will be accepted b) The risk rating to be assigned, if accepted c) Whether mitigating controls should be considered
- A.
A) A and B only
- B.
B) B and C only
- C.
C) A B and C
- 21.The preferable and more effective transaction monitoring system is one that is
- A.
A) A combined automated and manual system
- B.
B) An automated system only
- C.
C) A fully manual system
- 22.The periodic client review is conducted not to determine
- A.
A) Whether there has been any change in the client personal profile
- B.
B) the transaction activity in comparison to the account profile
- C.
C) Whether a change in risk rating is necessary
- D.
D) Whether an 'ad-hoc' review has been conducted
- 23.The overriding Act which makes money laundering unlawful within The Bahamas is the
- A.
A) Criminal Justice Act
- B.
B) Proceeds of Crime Act
- C.
C) The Evidence Act
- 24.The group of Financial Intelligence Units who collaborate for information sharing and assistance is called the
- A.
A) Egmont Group
- B.
C) FATF
- C.
C) EU Directive
- 25.The Financial Action Task Force (FATF) is
- A.
A) Composed of 25 member countries
- B.
B) Headquartered in Brussels
- C.
C) Made 40 Recommendations in 2003 used to measure effectiveness of AML regimes.
Questions: 10 | Attempts: 4608 | Last updated: Sep 7, 2020
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Sample QuestionWhich of the following acts is not considered to be amoney laundering offence?
Questions: 6 | Attempts: 2838 | Last updated: Jun 27, 2019
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Sample QuestionFailure to report suspicious activities can result in penalties or legal action against you and your company?
Questions: 7 | Attempts: 940 | Last updated: Jun 27, 2019
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Sample QuestionWhich one of the answers best describes predicate offences
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