What is a primary ML/FT risk associated with remittance services offered by exchange houses?

ML/FT Risks in Exchange Houses

Quiz
•
Professional Development
•
Professional Development
•
Easy
Qamar Ak
Used 2+ times
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
High transaction volume with traceable sources
Cross-border transactions with limited verification of fund sources
Exchange rates set by government regulation
Only domestic transfers are allowed
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
At the branch level, which product typically carries the highest ML/FT risk?
Currency exchange for small amounts
International remittances to high-risk countries
Bill payment services
Money transfers within the same country
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a red flag for potential ML/FT activity?
Consistent small deposits into a savings account
Frequent large cash deposits with no clear business purpose
Regular payroll deposits into a business account
A customer updating their address on file
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Cash-intensive businesses are particularly vulnerable to ML/FT risks due to:
The high volume of cash transactions making it easier to disguise illicit funds
Limited opportunities for small transactions
Their lack of international business relationships
No need to report large cash deposits
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which transaction pattern might indicate potential money laundering?
Regular monthly bill payments
Multiple small remittances to a high-risk jurisdiction
A single international remittance to a family member
A recurring loan repayment
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An exchange house should escalate a suspicious transaction internally when:
The customer asks for a receipt
The transaction is higher than usual but justified
The activity is inconsistent with the customer’s known profile and expected behavior
The customer changes their personal details
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How should an exchange house handle incomplete or inconsistent KYC information?
Proceed with the transaction but flag it for later review
Halt the transaction until all required KYC documentation is verified
Ignore minor discrepancies if the customer is a long-term client
Process the transaction without investigation
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