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  5. Compliance and AML/CTF Training Quiz - Australia
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1. Xpress Money - Compliance Training obligations
The aim of this course is to provide the internal employees and the registered affiliates of XM Services (Australia) Pty Ltd with training in relation to the AML/CTF legislation, and the obligations of Xpress Money which arise under that legislation.

You are invited to participate in our Training Quiz post referring the Compliance Guide material of Xpress Money (as attached).

If you are unsure about any questions about the Quiz or the procedures, you can quite the Quiz any time and may contact Kavita S Mascarenhas at 03-98638398 or by email at [email protected] to seek guidance.

It will take approximately 10 - 15 minutes to complete the questionnaire. Your participation is essential and your Quiz responses will be strictly confidential. Your information will be coded and will remain confidential.
 
 
 
* 2. What are the three stages of Money Laundering?
 
Procurement, Layering and Integration
 
Placement, Layering and Integration
 
Placement, Leveling and Integration
 
 
 
* 3. Terrorism Financing may involve funds from legitimate sources as well as illegitimate sources?
 
True
 
False
 
 
 
* 4. It is mandatory to have an original or certified police check certificate (of less than 12 months old) for all key personnel of agents. Who are regarded as Key Personnel?
(select as many as answers as applicable)
 
Company Directors & Company Secretary
 
Company shareholders & owners of at least 25% ownership/shareholding
 
Managers & employees with authority to represent policy of the affiliate
 
Compliance officer of the affiliate

 
 
 
* 5. As per AUSTRAC rule, any change in the affiliate's business details or its key personnel information should be notified to Xpress Money in writing
 
within 14 days from the date of change
 
after 28 days of the change
 
No need to inform anyone
 
 
 
* 6. Which of the following minimum records should be maintained by the affiliates to substantiate details entered in the XM system?
(Select all that apply)
 
ID copy of the sender / customer
 
Transaction receipt signed by the customer
 
Photograph of the customer

 
 
 
* 7. According to Australian Law, how long should records of transactions or reports be retained for?
 
3 years
 
5 years
 
7 years
 
 
 
* 8. If a customer wants to send money overseas, but, provides original driivng license of a friend to enter ID details, what should the agent do?
 
Enter the customer's name & friend's ID details to do the transaction
 
Enter the friend's name & ID details to do the transaction
 
Ask for the customer's own ID for sighting and only then process any transaction with Xpress Money
 
 
 
* 9. Politicially Exposed Persons (PEPs) are individuals who occupt a prominent public position or function in a government body or international organisation, both within and outside Australia.
This definition also extends to their immediate family members and close associates.
 
True
 
False
 
 
 
* 10. If a customer offers gifts to avoid record keeping requirements or to process a transaction on XM system in a certain way as he / she desires, what should you / your staff do?
 
Do nothing, just process the transfer as told
 
Tell the customer that you will report Suspicious Matter Report (SMR) and then call AUSTRAC directly
 
report the matter to Xpress Money without telling anything to customer. XM will investigate and submit any SMR to AUSTRAC.
 
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