Annual AML Training And Testing

60 Questions | Total Attempts: 789

SettingsSettingsSettings
Annual AML Training And Testing - Quiz

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!


Questions and Answers
  • 1. 
    If wealth is gotten in a foreign jurisdiction by a business activity that is illegal in The Bahamas, but not in the foreign jurisdiction, it would be illegal to accept the funds here
    • A. 

      True

    • B. 

      False

  • 2. 
    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

  • 3. 
    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

  • 4. 
    Our laws regarding money laundering is not specific to our geographical area, being the Caribbean and Americas, but follows international standards.
    • A. 

      True

    • B. 

      False

  • 5. 
    Reputation risk refers to what type of publicity
    • A. 

      A) Positive

    • B. 

      B) Negative

    • C. 

      C) Any kind

  • 6. 
    Reputation Risk is measured by
    • A. 

      A) Potential of an event occuring

    • B. 

      B) Unlikelihood of an event

    • C. 

      C) Actual events

  • 7. 
    Risk to your reputation may result from  a) Business decisions made in good faith b) Poor ethical decisions
    • A. 

      A) A Only

    • B. 

      B) B Only

    • C. 

      C) Both A and B

    • D. 

      D) None of the above

  • 8. 
    A bank with a tarnished reputation is more likely to lose customer accounts
    • A. 

      True

    • B. 

      False

  • 9. 
    The threats we face as a jurisdiction relate only to accepting the proceeds of crime
    • A. 

      True

    • B. 

      False

  • 10. 
    The effort to combat money laundering is cultural and specific to jurisdictions, and there is little global cooperation given the diversity of countries and cultures
    • A. 

      True

    • B. 

      False

  • 11. 
    Reputation may be affected by a) Quality of clients accepted b) Quality of service offered
    • A. 

      A) A only

    • B. 

      B) B Only

    • C. 

      C) Both A and B

  • 12. 
    International initiatives are issued to achieve all of the following, except
    • A. 

      A) Standard approaches

    • B. 

      B) To engender cooperation

    • C. 

      C) To share information

    • D. 

      D) To impose law across jurisdictions

  • 13. 
    The Wolfsberg Principles were composed by a consortium of Compliance Officers
    • A. 

      True

    • B. 

      False

  • 14. 
    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.

  • 15. 
    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

  • 16. 
    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

  • 17. 
    The Acts which do not deal specifically with foreign jurisdictional proceedings are
    • A. 

      A) The Criminal Justice Act

    • B. 

      B) The Evidence Act

    • C. 

      C) The Financial Intelligence Unit Act

  • 18. 
    Should a staff member not report a suspicious transaction, they are in contravention of which legislation
    • A. 

      A) The Financial Intelligence Unit Act

    • B. 

      B) The Central Bank of The Bahamas Act

    • C. 

      C) The Financial Transactions Reporting Act

  • 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. 
    How is a prospective client best identified
    • A. 

      A) By a passport

    • B. 

      B) By a Drivers License

    • C. 

      C) By a Credit Card

  • 21. 
    Do the regulations allow you to rely on KYC procedures performed by third parties?
    • A. 

      True

    • B. 

      False

  • 22. 
    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

  • 23. 
    How does the home address on a utility bill, best assist in identifying the prospect
    • A. 

      A) The bank may want to visit the prospect

    • B. 

      B) The utility bill shows the monthly expenses

    • C. 

      C) The home address coupled with the name is evidence of a place of residence

  • 24. 
    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

  • 25. 
    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

Back to Top Back to top
×

Wait!
Here's an interesting quiz for you.

We have other quizzes matching your interest.