Anti-Money Laundering Quiz

1. Customer identification and verification, which includes ascertaining and verifying the client’s information is abbreviated

2. An SAR must be filed within 1-3 business days to the Financial Intelligence Centre. What does SAR stand for?

3. The PACOTPAA governs the financing of terrorist and proliferation activities, and provides for targeted financial sanctions measures. What Act does the PACOTPAA reference?

4. Money laundering is performed in ____________________.

5. __________________ is the third phase in the money laundering cycle, involving the use the funds to buy goods and services without attracting attention.

6. The process of moving funds through a series of financial transactions with the goal of making it difficult to trace the source of origin is referred to as _______________.

7. Bribery is considered a form of ___________________.

8. Current estimates are that there are approximately U$1 trillion in criminal assets hiding within the global economy at any given time. _____________ is a key difference between money laundering and terrorist financing

9. _____________________ is a mode of terrorist financing, allowing financiers to move large amounts of physical cash.

10. The __________________ attacks prompted the FATF to extend its mandate to include proliferation financing monitoring.

11. There is no agreed definition for the financing of proliferation activities.

12. The key principles of an effective risk-based approach are to _____________, _______________, and ________________ risks.

13. What form of due diligence should be applied for a sanctioned individual?

14. What form of due diligence is required for an experienced medical practitioner who wishes to open his/her own practice? (assume there is only one source of income).

15. External audit assumes the _________________ line of defence in a risk-based approach.

16. Client facing staff must _________________ risk management policies to reduce the impact of ML/TF/PF risks.

17. Select the individual who is not a Prominent Influential Person

18. PIPs are not inherently high-risk customers.

19. The _______________ and _______________ of a PIP should be subjected to enhanced scrutiny.

20. What form of due diligence should be applied in respect of the niece of a Supreme Court judge who is employed as a cleaner?

21. What form of due diligence should be applied in respect of a business partner of the Ministry of Finance, who is recently appointed as special development finance advisor?

22. Targeted Financial Sanctions are intended to ________________ or ____________ towards designated individuals/entities.

23. TFS measures must be applied where there is a ________________ match against the UN Sanctions Consolidated lists.

24. UN Sanctions screening must be performed _________________ the disbursement of any funds to a client.

25. UN Sanctions screening must be performed on clients and their _______________.