ICB Chapter 6- AML

The process by which criminals conceal the origin and ownership of the profits (or proceeds) of their criminal acts is called _______________.

• Terrorist Financing

• Proliferation Financing

• Money Laundering

Money Laundering occurs in ______ stages.

• Three

• Five

• Six

• Four

The reintroduction of laundered money into the legitimate economy is called______________.

• Placement

• Integration

• Layering

• Financing

True or False: Money Launders, Terrorist financiers and Proliferation financiers can exploit Insurance products.

• True

• False

What is Proliferation Financing?

• The willful provision or collection of funds or financial services to individuals or organizations with intention or knowledge that the funds will be used to carry out a terrorist act.

• The intention to intimidate the public or coerce a government or international organization into complying with the demands of terrorists.

• Creating a complex of networks of transactions intended to obscure the connection between the initial entry point and the end of the laundering cycle.

• The act of providing funds or financial services to actors who intend to develop, acquire, or use weapons of mass destruction.

The initial entry of funds derived from criminal activities into the financial system is called____________.

• Layering

• Placement

• Integration

• Financing

The Insurance Commission of The Bahamas, Central Bank of The Bahamas, The Gaming Board for The Bahamas are all examples of:

• Regulators

• Insurance Companies

• Insurance Products

• Managing Boards

The information that is collected by salespersons is used to establish a _______________ for each customer.

• Customer Profile

• Suspicious Transaction Report

• Risk Profile

• Customer Assessment

The Tripartite Approach has _____ parties involved.

• 5

• 7

• 3

• 2

True or False: Any employee who discovers suspicious activity or suspicious transaction must submit a report to the MLRO.

• True

• False