Jewelry Business AML Quiz

Jewelry Business AML Quiz

Professional Development

15 Qs

quiz-placeholder

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Jewelry Business AML Quiz

Jewelry Business AML Quiz

Assessment

Quiz

Professional Development

Professional Development

Easy

Created by

Qamar Ak

Used 3+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

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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