Anti Money Laundering and Counter Funding of Terrorism - May 2020

Create an educational illustration depicting the concepts of anti-money laundering and counter-terrorism financing, featuring symbols of finance, law enforcement, and security, with a serious and professional tone.

Anti-Money Laundering Quiz

Test your knowledge on Anti-Money Laundering and Counter Funding of Terrorism with this comprehensive quiz! Designed for professionals and anyone interested in understanding the critical aspects of AML/CFT, this quiz covers essential definitions, regulations, and practices.

Assess your understanding of money laundering.
Learn about customer due diligence and beneficial ownership.
Discover the importance of identifying politically exposed persons.

17 Questions4 MinutesCreated by AlertShield987

What is Money Laundering? (choose one option from below)

The process by which the illegal nature of criminal proceeds is concealed or disguised in order to lend a legitimate appearance to such proceeds

The concealment of illicit funds in cash format in a secret physical location

Indicate the three stages of money laundering (choose only one):

Placement, Layering and Integration

Treatment, Clearing, Integration

Gathering, Positioning, Integration

What is Funding of Terrorism? (choose one)

The process by which terrorist organizations or individual terrorists are funded in order to be able to carry out acts of terrorism

The act of violence against civilians or the use of arms of mass destruction

The Customer Due Diligence measures that subject persons are required to carry out are (unlimited number choice):

Identification and verification of the applicant for business

Identification and verification of the beneficial owner

Identification and verification when the applicant for business does not act as principal

Obtaining information on the purpose and intended nature of the business relationship

Establishing the source of wealth and the source of funds

Setting up of a customer acceptance policy and ensuring that the applicant for business meets the requirements set out in such policy

All of the above

None of the above

How do you identify the UBO? (choose three from the following options)

By obtaining a certified copy of the passport

By obtaining a copy of the passport and an identity card or state issued document which displays a photo of the individual

By obtaining a certified copy of the persons IDentitiy card displaying a photograph of the individual

By obtaining a gym membership displaying the photograph of the individual

By obtaining a birth certificate

By obtaining a police conduct certificate

The UBO of a company (where the company is the client) is always (choose only one):

A natural person holding or controlling directly or indirectly 25% or more of the company (where the company is the client)

A natural person holding or controlling directly or indirectly 20% or more of the company (where the company is the client)

Another company owning 25% of the shares of the client company (where the company is the client)

The holding company detaining all the shares of the company (where the company is the client)

A trust

Reference is made to the corporate structure you have been provided. The companies that are applying for an account are the ones with the pink circle, one of which is a Gaming company (Azzurro Ltd). Please ensure you: Identify the ubo/s, state which documentation you require and for which person or entity including of all corporate documentation, make sense analysis and questions you would ask..

In which scenarios must we need to carry out enhanced due diligence (EDD) (choose two options):

When the UBO is a PEP

When the client is rated as medium or high risk

When the client is registered or resident outside of Malta

The source of wealth (SOW) is (choose one):

The origins of a customer’s financial standing or total net worth

The assets purchased in a transaction

The source of funds (SOF) is (choose one):

The activity, event, business, occupation or employment from which the funds used in a particular transaction are generated

The client's property

A politically exposed person is (choose four of the below options):

A person occupying a high ranking governmental position such as a member of parliament, minister or high ranking military defense official

The mayor of a city

The president of a national sports team

The principal of an elementary school

The brother or spouse or close associate of a politician

An employee of the Local Council

If an employee comes across a suspicious transaction, a suspicious scenario, or the employee has suspicion that a client is involved in illicit activity the employee (choose one option):

Is free to choose not to report

Must report it immediately to the MLRO in order not to suffer personal legal consequences

Can tell the client that you feel something is "off"

Might discuss the matter with a partner or spouse or relative for advice

Which of the following options is prohibited from becoming a client (choose four options from the below):

A sanctioned client/UBO

When the UBO is a PEP

A client/UBO from Iran or North Korea

A client/UBO who is mentioned in the Panama papers

A client trading in precious raw stones

Describe what the principle of "make sense analysis" is for you and which logic you should follow when it comes to SOW, SOF, the client's profile and activity.

Anti Money Laundering and Counter Funding of Terrorism - May 2020

Anti-Money Laundering Quiz

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