Anti Money Laundering

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| By Minty
M
Minty
Community Contributor
Quizzes Created: 1 | Total Attempts: 5,896
Questions: 8 | Attempts: 5,897

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Anti Money Laundering - Quiz

Questions relating to money laundering and the ways and means of preventing it.


Questions and Answers
  • 1. 

    A number of recomendations have been made by whom?

    • A.

      Financial Action Task Field

    • B.

      Financial Aging Terror Fund

    • C.

      Fincial Action Task Force

    • D.

      Finacial Laundering Task Force

    Correct Answer
    C. Fincial Action Task Force
    Explanation
    FATF is the task force assigned to advise governments of their AML requirements

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  • 2. 

    Which Countries are not allowed gamble?

    • A.

      Australia, Cuba & Italy

    • B.

      Australia, Cuba, Italy & Korea

    • C.

      Ireland

    • D.

      UK

    Correct Answer
    B. Australia, Cuba, Italy & Korea
    Explanation
    There are a long list of countries from which gambling is not allowed you should familiarise yourself with these countries

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  • 3. 

    Under FATF guidelines companies have a duty of care called what?

    • A.

      Know Your Customer

    • B.

      Monitor Customers manually

    • C.

      Customer Due Care

    • D.

      Customer Due Diligence

    Correct Answer
    A. Know Your Customer
    Explanation
    Customer Due Diligence is the responsibility of the company to verify and monitor all customers transactions to ensure they are not acting in an unlawful way - it is up to every memeber of boylesports to be vigilent for this

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  • 4. 

    Know Your Customer (KYC) in Boylesports - Customers are required to provide what compulsory details when registering?

    • A.

      Name, Address & DOB

    • B.

      Name, Address, DOB and Telephone number

    • C.

      Name, Address & Credit Card

    • D.

      Name & Address

    Correct Answer
    B. Name, Address, DOB and Telephone number
    Explanation
    Name and address and DOB are very important but so also is a customers telephone number - many records can be checked using a customers telephone number and there may be many instances where we will need to contact the customer

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  • 5. 

    How long are verification records required to be kept by Boylesports?

    • A.

      5 Years

    • B.

      2 Years

    • C.

      6 Months

    • D.

      3 Years

    Correct Answer
    A. 5 Years
    Explanation
    5 Years - All records including any information obtained about the customer including proof that we have carried out a name and address check on the customer

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  • 6. 

    If I see something that looks suspicious what should I do?

    • A.

      Say nothing and hope that it will go away

    • B.

      Inform your Supervisor or Manager

    • C.

      Inform the MLRO immediately

    • D.

      Contact the Police

    Correct Answer
    B. Inform your Supervisor or Manager
    Explanation
    Your first priority is to bring the transactions to your Supervisor who in turn is obliged to report it to his/her manager should it be deemed necessary

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  • 7. 

    If I don't report activity that is deemed suspicious and is later discovered has been involved in money laundering - what will happen?

    • A.

      You could be held guilty of an offence and liable to a fine or imprisonment.

    • B.

      Boylesports will be fined

    • C.

      The MLRO will be held guilty of an offence and liable to a fine or imprisonment.

    • D.

      Nothing will happen

    Correct Answer
    A. You could be held guilty of an offence and liable to a fine or imprisonment.
    Explanation
    It is up to each individual to be vigilant to combat money laundering. The law sees no excuse in those who do not react

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  • 8. 

    Who is Boylesports MLRO (Money Laundering Relations Officer)

    • A.

      Mark Matthews

    • B.

      Camilla Gilson

    • C.

      John Boyle

    • D.

      Michael Bent

    Correct Answer
    D. Michael Bent
    Explanation
    Michael Bent is the appointed MLRO office whose job it is to report any breaches or suspicious activity to the relevant authorities

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  • Current Version
  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Sep 24, 2008
    Quiz Created by
    Minty
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