Financial Compliance Quiz

Financial Compliance Quiz

Professional Development

15 Qs

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Financial Compliance Quiz

Financial Compliance Quiz

Assessment

Quiz

Professional Development

Professional Development

Easy

Created by

Qamar Ak

Used 1+ times

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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of financial statement fraud?

Unauthorized transfer of funds

Falsifying earnings reports

Setting up fake companies

Identity theft

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary purpose of a compliance risk assessment in financial institutions?

To identify potential revenue sources

To assess the accuracy of financial statements

To identify areas where regulatory requirements may not be met

To analyze market competition

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following red flags could indicate potential money laundering?

Transactions that match expected patterns for a client’s industry

Frequent low-value transactions just below the reporting threshold

Customers providing detailed identification documents

Customer transactions within usual business hours

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A shell company is typically used in fraud schemes because it:

Does not conduct legitimate business but exists on paper

Offers high revenue potential with minimal oversight

Involves complex business structures and layers

Engages in charitable activities to reduce taxable income

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which document is often used to determine if a transaction should be reported as suspicious?

Audit report

Internal Suspicious Transaction Report (ISTR)

Cash flow statement

Tax return

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is 'structuring' in the context of anti-money laundering?

Establishing a company hierarchy

Breaking up large transactions to avoid reporting thresholds

Creating a budget plan

Engaging in round-tripping of funds

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a compliance risk assessment, 'residual risk' is defined as:

The risk remaining after internal controls are applied

The total inherent risk before controls

The risk of asset depreciation

The risk posed by external auditors

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