Choose three statements that are true?

AML Quiz for Crowe Mak 4

Quiz
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Professional Development
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Professional Development
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Medium

Pijush Das
Used 30+ times
FREE Resource
10 questions
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1.
MULTIPLE SELECT QUESTION
1 min • 1 pt
FIs are responsible for money laundering or suspicious transactions taking place within their accounts
Tipping off is punishable
The dirty money undergoing money laundering will not be confiscated because of privacy laws
Staff who intentionally ignore clear signs of money laundering may be punished with imprisonment and/or fines.
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is willful blindness defined as?
Failing to file a Suspicious Transaction Report for dealing with companies or financial institutions from offshore tax havens.
Not following customer identification procedures as set out in the institution’s procedures
Deliberate avoidance of knowledge of the facts or ignoring obvious money laundering red flags.
Deliberate avoidance of a customer on the assumption that his behavior suggested a potential threat as money launderer
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the reasoning behind implementing a “risk-based anti-money laundering approach”?
It will keep the regulators focused on money laundering controls in sectors beyond banks
Institutions can best use their limited resources to focus on matters where the money laundering risks
are highest
A quantitative approach will generate better results than a qualitative approach
It allows the institution to focus on selling products that have a better return on investment.
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
According to the FATF 40 Recommendations, “designated non-financial businesses and professions” include:
Casinos, real estate agents and dealers in precious stones
Money service businesses, gatekeepers, and issuers of electronic money.
Dealers in precious metals, lawyers, commodity futures traders
Life insurance companies, real estate agents and notaries
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
An AML compliance officer is looking to establish a suspicious activity reporting process at her small institution. Which of the following would be the best course of action?
Allow employees to refer suspicious activity directly to the government authorities to file as quickly as possible.
Have employees refer all unusual activity to the internal audit department to assess whether the activity should be reported.
Have employees refer all unusual activity to senior management to ensure they are aware of all unusual activity within the organization.
. Have employees refer all unusual activity to AML Officer so that she may conduct an investigation into what needs to be reported to authorities.
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Establishing compliance as a key responsibility for every employee of a financial institution is best performed how?
By having senior management require compliance as a condition of employment
. By having auditors conduct testing on employee compliance
By pointing out the regulatory consequences of noncompliance in training
By having the AML officer personally tell associates of their responsibilities
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which is the best way to assess a compliance program?
Sales staff surveys on AML efforts, customer due diligence error rates, quality assurance testing on STR filings
Customer due diligence error rates, sales staff surveys on AML efforts, percent of products and services monitored for suspicious activity.
Quality assurance testing on STR filings, sales staff surveys on AML efforts, percentage of products and services monitored for suspicious activity.
Customer due diligence error rates, quality assurance testing on STR filings, percentage of products and services monitored for suspicious activity
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