BSA/AML Quiz - September 2016

12 Questions | Total Attempts: 42

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BSA/AML Quiz - September 2016

LET US REVIEW OUR BSA/AML KNOWLEDGE. Please take time to answer the quiz.


Questions and Answers
  • 1. 
    Failure to report suspicious activities will not result in penalties or legal action against you and LCCI. 
    • A. 

      True

    • B. 

      False

  • 2. 
    Disclosing that an investigation is being contemplated on  the customer's account is considered as:
    • A. 

      Layering

    • B. 

      Failure to disclose Suspicious transaction reporting

    • C. 

      Tipping off

    • D. 

      Integration

  • 3. 
    How long should we retain customer's/transaction records? 
    • A. 

      1 year

    • B. 

      5 years

    • C. 

      7 years

    • D. 

      We can delete upon customer request provided that the account is deactivated

    • E. 

      We cannot destroy customer's records at all. These are retained as paper trail

  • 4. 
    Indicate whether the following statement is True or False.Criminals almost always launder money solely through banks and other financial institutions. Therefore anti-money laundering compliance is not a serious issue for other types of businesses
    • A. 

      True

    • B. 

      False

  • 5. 
    A customer is encashing a $25 check issued by US government. When asked by  LCCI employee to present a proof of identification, the customer presents his Amexco card and  an expiring CA driver's license.  These are not satisfactory identification before encashing the check. can be made
    • A. 

      True

    • B. 

      False

  • 6. 
    Launderers are most vulnerable to being caught during the Integration stage – where money is returned to the criminal from what seem to be legitimate source.
    • A. 

      True

    • B. 

      False

  • 7. 
    Part-time employees have no liability and are exempted from receiving monetary/civil penalties for Tipping off offenses
    • A. 

      True

    • B. 

      False

  • 8. 
    Reported suspicions will be fully evaluated and documented by _________________. 
  • 9. 
    Select 2 possible indicators to look for in Money Laundering
    • A. 

      Unusual number of checks payable to the customer, often with the same drawer

    • B. 

      Holding 2 different credit cards, both of which are not chips enabled

    • C. 

      Numerous purchases of money orders, just under the threshold amount.

    • D. 

      Customer resides in a rented room in Oakland, but owns a condominium unit along Ayala Avenue in Makati.

    • E. 

      All of the above

    • F. 

      None of the above

  • 10. 
    Select the potential risks to LCCI if we fail to implement counteractive measures in preventing AML
    • A. 

      Loss of revenue

    • B. 

      Attract the wrong kind of business

    • C. 

      Removal of license to operate

    • D. 

      Directors may be fined

    • E. 

      All of the above

    • F. 

      None of the Above

  • 11. 
    The laundering stage that separates the illicit money from its source. They obscure the audit trails and sever links with original crime to make it appear like a normal financial transaction
    • A. 

      Entering in the system

    • B. 

      Legitimising

    • C. 

      Layering

    • D. 

      Placement

    • E. 

      Integration

  • 12. 
    The US PATRIOT ACT does not require which of the following as part of an appropriate AML Program:
    • A. 

      Appointment of a Compliance Officer

    • B. 

      Written Policies and Procedures

    • C. 

      Independent Review of the Program

    • D. 

      Mandatory Drug Screening

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