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AML Knowledge Quiz

Test your knowledge on Anti-Money Laundering (AML) concepts and gain essential insights into regulations, terminology, and practices. This quiz is designed for anyone looking to enhance their understanding of AML processes.

11 engaging questions
Explore key concepts like KYC and money laundering stages
Perfect for professionals in finance, law, and compliance

11 Questions3 MinutesCreated by RegulatingShield376

What is Money Laundering?

Exposing the origins of illegally obtained funds

The origin of illegally obtained funds

Hiding legal tender

Concealment of the origins of illegally obtained funds

What does the “P” in the abbreviation AML/CFT&P stands for?

Propagation

Prevention of Weapons of Mass Destruction

Proliferation of Weapons of Mass Destruction

Prevention

Who is DCI’s AMLRO?

Kwesi Austin and Robert Sackey

Selasie Woanyah

Mathew L. Teye

Samuel Yallow

Kwesi Austin

Identify the stages of Money Laundering

Placement, Layering and Integration

Identity Fraud, Hedging and Gradation

Placement, Layering, Hedging

Placement, Hedging and Integration

What is the acronym for mandatory national agencies that handle financial intelligence?

EOCO

FIC

BoG

BNI

NIB

Launderers are most vulnerable to being caught during the Integration stage – where money is returned to the criminal from what seem to be legitimate source.

TRUE

FALSE

What is smurfing?

Making small deposits over time to avoid suspicion of money laundering

Smuggling money to avoid suspicion of money laundering

Concealment of the origins of legally obtained funds

Integration of illegally obtained funds

As required by the regulator, which of the following reports must be submitted within 24 hours?

Cash Transaction and Liquidity Reports

Cash Transaction and Suspicious Transaction Reports

Cash Transaction and AML Reports

Cash Transaction and Daily Reports

The difference between the KYC of a politically exposed person (PEP’s) and low risk client is that;

Managing Director and the Head of Legal or Internal Control must sign the KYC of PEP’s

Relationship Manager and Branch Head must sign the KYC of PEP’s

Managing Director and the Head of Legal or Internal Control must sign the KYC of PEP’s

Relationship Manager and Branch Head must sign the KYC of PEP’s

Relationship Manager, Branch Head and Head of CEU must sign the KYC of PEP’s

Relationship Manager, Branch Head, Head of CEU and Head of Compliance must sign the KYC of PEP’s

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