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!
A) The bank may want to visit the prospect
B) The utility bill shows the monthly expenses
C) The home address coupled with the name is evidence of a place of residence
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A) A only
B) B Only
C) Both A and B
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A) Persons with credit exposures
B) Persons whose hidden dealings are discovered
C) Persons who have a level of influence, and are highly visible and accessible
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True
False
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A) A combined automated and manual system
B) An automated system only
C) A fully manual system
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True
False
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A) Collusion
B) Witness interference
C) Tipping off
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A) By a passport
B) By a Drivers License
C) By a Credit Card
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A) A Only
B) A and C only
C) A B and D
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A) When your company has special expertise in due diligence procedures
B) When you rely on due diligence procedures performed by others
C) When specific pre-defined circumstances occur, which demand increased due diligence
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True
False
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True
False
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True
False
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A) A training history is established
B) The bank can ensure that training costs decrease each year
C) Training Certificates may be secured.
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A) The intended use of the funds
B) the amount of the deposit
C) The source of the funds
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A) Composed of 25 member countries
B) Headquartered in Brussels
C) Made 40 Recommendations in 2003 used to measure effectiveness of AML regimes.
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A) The Board of Directors
B) The President of the Bank
C) The MLRO
D) Senior Management
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True
False
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True
False
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A) Licensed under a financial services regulator
B) A reputable law firm
C) Known to the bank
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True
False
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True
False
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A) Fraud through collusion
B) More efficient service
C) Negligence
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True
False
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True
False
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A) Outsourcing to a Service Provider without sufficient due diligence
B) Stories within the local gossip column
C) Employee non-compliance with confidential requirements
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True
False
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A) Certificate of Incorporation
B) Memorandum and Articles of Association
C) Register of Officers and Directors
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A) Laws
B) Regulations
C) Guidelines
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True
False
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True
False
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A) Whether there has been any change in the client personal profile
B) the transaction activity in comparison to the account profile
C) Whether a change in risk rating is necessary
D) Whether an 'ad-hoc' review has been conducted
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A) Purpose of Account
B) Nature and size of assets
C) Account holder's political persuasion
D) Account holder's identification
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A) Positive
B) Negative
C) Any kind
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A) Because it is the law
B) Because the relationship is based on the integrity of the representations
C) Because identity theft is quite common
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A) The Financial Intelligence Unit Act
B) The Central Bank of The Bahamas Act
C) The Financial Transactions Reporting Act
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A) Phishing
B) Layering
C) Structuring
D) Tagging
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A) Potential of an event occuring
B) Unlikelihood of an event
C) Actual events
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A) A Only
B) B Only
C) Both A and B
D) None of the above
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A) The Laws
B) The Systems in Place
C) The People within the System
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A) Criminal Justice Act
B) Proceeds of Crime Act
C) The Evidence Act
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A) The assigned risk rating
B) The frequency of deposits
C) The policies of the bank
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True
False
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True
False
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True
False
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A) Verified by the Manager
B) Verified by the introducer
C) Verified by an independent source
D) Verified by the prospect
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A) Does it make economic sense
B) What does my supervisor think
C) What have I been trained to consider
D) The state of the economy
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True
False
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