What is the primary reason jewelry businesses are vulnerable to money laundering?

Jewelry Business AML Quiz

Quiz
•
Professional Development
•
Professional Development
•
Easy
Qamar Ak
Used 3+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
High customer turnover
High-value transactions and use of cash
Low staff turnover
Low-value transactions
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a red flag indicating potential money laundering?
A customer requests a receipt.
A customer refuses to provide identification.
A customer returns an item within the refund period.
A customer asks about new stock.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Under AML/CFT regulations, how long must a jewelry business retain records of transactions and customer information?
1 year
3 years
5 years
10 years
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of a risk-based approach in AML/CFT programs?
To save time by avoiding low-risk clients
To prioritize resources based on the level of money laundering risk
To identify potential buyers
To attract high-value customers
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is considered a suspicious transaction in the jewelry business?
A customer making a small cash purchase.
A customer using multiple payment methods for a single transaction.
A customer asking for a specific discount.
A customer purchasing an item on sale.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who is required to report suspicious transactions in a jewelry business?
Only the manager
Only the cashier
Every employee
Only the compliance officer
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When must an employee report a suspicious transaction?
Only if the customer seems guilty
As soon as they become aware of the suspicious nature of the transaction
At the end of the workday
Only if the transaction exceeds a certain amount
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