Trivia Questions Quiz On Anti-money Laundering!

25 Questions | Total Attempts: 230

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Trivia Questions Quiz On Anti-money Laundering!

Below is a Trivia Questions Quiz on Anti-money Laundering! Money laundering is the activity through which money received from illegal activities is made to come out as legal money. Money laundering is illegal, and those that take part in its risk jail time. Do take the quiz and see if you know some of the measures to in place to combat this evil and techniques of money laundering!


Questions and Answers
  • 1. 
    Why is it so important to know that your client is the person thy claim to be? 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 D. All of the above
    • A. 

      A.

    • B. 

      B.

    • C. 

      C.

    • D. 

      D.

  • 2. 
    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

  • 3. 
    Who do you report a Suspicious Transaction to in your office? A. The Board of Directors B. The President of the Bank C. The MLRO D. Your immediate Supervisor
    • A. 

      A.

    • B. 

      B.

    • C. 

      C.

    • D. 

      D.

  • 4. 
    Who are categorized as exposed persons? A. Persons with credit exposures B. Persons whose hidden dealings are discovered C. Persons not wearing clothes D. Persons who have a level of influence, and are highly visible and accessible
    • A. 

      A.

    • B. 

      B.

    • C. 

      C.

    • D. 

      D.

  • 5. 
    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. Laws B. Regulations C. Guidelines D. Penal Code
    • A. 

      A.

    • B. 

      B.

    • C. 

      C.

    • D. 

      D.

  • 6. 
    Which experiences below are not likely to have a negative effect on a bank's reputation? A. Outsourcing to a Service Provider without sufficient due diligence B. Stories within the local gossip column C. Employee non-compliance with confidential requirements D. All of the above
    • A. 

      A.

    • B. 

      B.

    • C. 

      C.

    • D. 

      D.

  • 7. 
    Where undue relationships are forged with bank employees, a common objective is for the purpose of A. Getting a loan B. More efficient service C. Fraud through collusion D. Negligence
    • A. 

      A.

    • B. 

      B.

    • C. 

      C.

    • D. 

      D.

  • 8. 
    Where an employee acts in such a way as to notify a client that an STR has been filed on their account, this is classified as A. Collusion B. Witness interference C. Tipping off D. Money Laundering
    • A. 

      A.

    • B. 

      B.

    • C. 

      C.

    • D. 

      D.

  • 9. 
    When considering a cash transaction, and having verified the identity of the depositor, the bank is most concerned with A. The intended use of the funds B. The amount of the deposit C. The source of the funds D. The interest rate
    • A. 

      A.

    • B. 

      B.

    • C. 

      C.

    • D. 

      D.

  • 10. 
    What is enhanced due diligence? A. When specific pre-defined circumstances occur, which demand increased due diligence B. When your company has special expertise in due diligence procedures C. When you rely on due diligence performed by others D.  All of the above
    • A. 

      A.

    • B. 

      B.

    • C. 

      C.

    • D. 

      D.

  • 11. 
    What component is the most important element in the prevention of money laundering? A. The Laws B. The Systems in Place C. The People within the system D. The Central Bank of the Bahamas Guidelines
    • A. 

      A.

    • B. 

      B.

    • C. 

      C.

    • D. 

      D.

  • 12. 
    To be classified as an eligible introducer, local entities should be: A. Licensed under a financial services regulator B. A reputable law firm C. Known to the bank D. All of the above
    • A. 

      A.

    • B. 

      B.

    • C. 

      C.

    • D. 

      D.

  • 13. 
    The transaction monitoring program is most dependent on A. The assigned risk rating B.The frequency of deposits C. The policies of the bank D. The automated system
    • A. 

      A.

    • B. 

      B.

    • C. 

      C.

    • D. 

      D.

  • 14. 
    The profile of the prospective client determines A. Whether the prospect will be accepted B The risk rating to be assigned if accepted C. Whether mitigating controls should be considered D. All of the above
    • A. 

      A. A and B only

    • B. 

      B. B and C only

    • C. 

      C.

    • D. 

      D.

  • 15. 
    The preferable and more effective transaction monitoring system is one that is A. Connected to the alarm system B. A combined automated and manual system C. An automated system only D. A fully manual system
    • A. 

      A.

    • B. 

      B.

    • C. 

      C.

    • D. 

      D.

  • 16. 
    The periodic client review is conducted not to determine 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
    • A. 

      A.

    • B. 

      B.

    • C. 

      C.

    • D. 

      D.

  • 17. 
    The overriding Act which makes money laundering unlawful within The Bahamas is the A. Criminal Justice Act B. Proceeds of Crime Act C. The Evidence Act D. Financial Transaction Reporting Act
    • A. 

      A.

    • B. 

      B.

    • C. 

      C.

    • D. 

      D.

  • 18. 
    The group of Financial Intelligence Units who collaborate for information sharing and assistance is called the A. Egmont Group B. FATF (Financial Action Task Force C. EU Directive D. Basel
    • A. 

      A.

    • B. 

      B.

    • C. 

      C.

    • D. 

      D.

  • 19. 
    Reputation risk refers to what type of publicity A. Positive B. Negative C. Any kind D. None of the above
    • A. 

      A.

    • B. 

      B.

    • C. 

      C.

    • D. 

      D.

  • 20. 
    Reputation Risk is measured by A. Potential of an event occurring B. Unlikelihood of an event C. Actual events D. Historical events
    • A. 

      A.

    • B. 

      B.

    • C. 

      C.

    • D. 

      D.

  • 21. 
    Reputation may be affected by A Quality of clients accepted B. Quality of service offered C. Quality of Typists D. None of the above
    • A. 

      A. Both A and B

    • B. 

      B. B and C

    • C. 

      C. C only

    • D. 

      D.

  • 22. 
    It is important to document training records so that A. Training Certificates may be secured B. The bank can ensure that training costs decrease each year C. A training history is established D. None of the above
    • A. 

      A.

    • B. 

      B.

    • C. 

      C.

    • D. 

      D.

  • 23. 
    International initiatives are issued to achieve all of the following, except A. Standard approaches B. To engender cooperation C. To share information D. To impose law across jurisdictions
    • A. 

      A.

    • B. 

      B.

    • C. 

      C.

    • D. 

      D.

  • 24. 
    How is a prospective client best identified A. By a Credit Card B. By Birth Marks C. By a Drivers License D. By a Passport
    • A. 

      A.

    • B. 

      B.

    • C. 

      C.

    • D. 

      D.

  • 25. 
    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
    • A. 

      A. A only

    • B. 

      B. B. Only

    • C. 

      C. A and C only

    • D. 

      D. A B and D

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