Annual AML Training And Testing

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Compliance2011

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Questions: 60 | Attempts: 897 | Updated: Mar 22, 2023

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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!

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Mar 22, 2023

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Nov 30, 2011

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Annual AML Training And Testing

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

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?

What component is the most important element in the prevention of money laundering?

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

Reputation risk refers to what type of publicity

Reputation Risk is measured by

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

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

The threats we face as a jurisdiction relate only to accepting the proceeds of crime

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

Reputation may be affected by a) Quality of clients accepted b) Quality of service offered

International initiatives are issued to achieve all of the following, except

The Wolfsberg Principles were composed by a consortium of Compliance Officers

The Financial Action Task Force (FATF) is

The group of Financial Intelligence Units who collaborate for information sharing and assistance is called the

The overriding Act which makes money laundering unlawful within The Bahamas is the

The Acts which do not deal specifically with foreign jurisdictional proceedings are

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

The regulatory bodies within The Bahamas (for the purpose of Money Laundering does not include

How is a prospective client best identified

Do the regulations allow you to rely on KYC procedures performed by third parties?

To be classified as an eligible introducer, local entities should be:

How does the home address on a utility bill, best assist in identifying the prospect

Why is it so important to know that your client is the person they claim to be

Who are categorized as exposed persons?

To be labeled a PEP, one must be a Member of Parliament

Corporations, being non-personal entities, are held to a lesser standard in due diligence

A company shows evidence of being duly formed by producing a

What is enhanced due diligence?

Less due diligence is required for charities and non-profit entities

Unincorporated entities compared to incorporated, attract an equal standard of due diligence.

Deposits may be accepted and placed on 'suspense' until the account is formally accepted.

What is not considered an element of a new client profile?

In considering a prospective client, the bank is more concerned with the source of wealth than the legal structure of the proposed entity.

Risk Rating assignment is required when the first transaction occur

The transaction monitoring program is most dependent on

The Compliance Officer is duty bound to make reports of Suspicious Transaction Reports to the Financial Intelligence Unit.

How many years should a record of transactions be held according to the law

An employee has a duty to report a transaction as a suspicious transaction when he/she a) Knows b) Suspects c) Is advised d) Has reasonable grounds to suspect

Who do you report a Suspicious Transaction to in your office

There are generally three stages of money laundering

The best time to intercept a Suspicious Transaction is at the time of integration

The preferable and more effective transaction monitoring system is one that is

Client accounts on the 'Watch-list' are normally considered Low to Moderate Risk

In determining whether a transaction is suspicious, the best question to ask is if the transaction is outside the profile

In determining whether a transaction is suspicious, the employee should ask themselves which question

Cash transactions which are broken into small segments, to comply with a limit requirement is referred to as

Where undue relationships are forged with bank employees, a common objective is for the purpose of

In terminating a client relationship, a company should seek advice on its duty owed to a) The client b) Third parties c) The regulator

Occasional transactions are permitted under law, and require proper identification and declaration of source of funds