AML Quiz

* The use or threat of action resulting in which ONE of the following is NOT "terrorist activity" as defined by the Anti-Terrorism and Crime Act 2003?

Creating serious risk to public health or safety

Disguising the source of investment funds

Disrupting an electronic system

Endangering a person’s life

* What is the basis for global AML standards on which most developed countries' anti-money laundering laws are based?

FATF 40 Recommendations

European Union Directives

United Nations Resolutions

Anti-Money Laundering and Terrorist Financing Code 2013

* To whom must the MLRO pass on reports of knowledge or suspicion of money laundering or the financing of terrorism?

Board of Directors

Financial Crime Unit

Financial Supervision Commission

Customs and Excise

Who makes the decision as to whether or not to report a suspicious activity to FCU?

Board of Directors

Relationship Manager

MLRO

Senior Management

When does 'tipping off' occur?

When a criminal reveals evidence about his partners in crime

When a person discloses that a report has been made and/or information that is likely to prejudice an actual or imminent investigation

When an account or relationship is closed due to suspicion

When you discuss your concerns with your manager

What is the maximum penalty for committing a money laundering offence?

2 years in prison and/or unlimited fine

£15,000 fine

5 years in prison and/or an unlimited fine

14 years in prison and/or an unlimited fine

In the verification process, beneficial owners of what percentage of the capital must be identified as for individuals?

20% or more

25% or more

30% or more

35% or more

What specific approach to customer due diligence has been taken under the Money Laundering and Terrorist Financing Code 2013?

Measurement-based

Model-based

Principles-based

Risk-based

Which ONE of the following is NOT a responsibility placed on the MLRO?

Receiving and independently evaluating internal suspicion reports

Reporting to the Financial Crime Unit

Reporting to the Financial Supervision Commission

Reporting to the Board

For what period of time must evidence of "customer due diligence", for anti-money laundering purposes, be retained?

1 year from the date the client relationship ceases

5 years from the inception of the relationship

5 years from the date the client relationship ceases

10 years