AML Compliance Quiz

The Prevention of Money Laundering Act, 2002 (PMLA) came into effect from _______________

• 1-Jul-2005

• 1-Jul-2004

• 1-Jul-2006

• None of the above

What are the stages of money laundering which are resorted to by the launderers & insurance institutions

• Integration-Layering-Placement

• Layering-Placement-Integration

• Placement-Layering-Integration

• None of the above

____________ is filled with financial, regulatory and operational dangers

• Compliance

• Non-Compliance

• Both of the above

• None of the above

AML Guidelines for Insurance institutions came w.e.f_________________

• 1-Jul-2006

• 1-Jul-2005

• 1-Aug-2006

• None of the above

In the ____________ stage, multiple accounts, intermediaries, banks, trusts, countries used to disguise source of the funds.

• Placement

• Integration

• Compliance

• layering

________________is mandatory for the Insurer and intermediaries.

• Compliance

• Non-Compliance

• Both of the above

• None of the above

In the ________________ stage, illegal funds/assets are brought into the financial system.

• Placement

• Integration

• layering

• Compliance

FIU-IND stands for

• Financial Influence Unit - IND

• Financial Intellectual Unit - IND

• Financial Interpret Unit - IND

• Financial Intelligence Unit - IND

Proofs of Identity and Residence includes a written confirmation from bank where the prospect is a customer.

• TRUE

• False

• None of the above

In claims, KYC should also to be carried out at the claims pay-out stage incase it is more than One Lakh rupee

• TRUE

• False

• None of the above