KYC Quiz

What is KYC about?

• Identify customer and verify customer’s identity

• Understand the customer profile and associated risks

• Perform additional due diligence on high risk areas and customers

• All of the above

What is the (by IMF) estimated annual volume of money laundered per year?

• EUR 10-100 billion

• EUR 100-200 billion

• EUR 200-500 billion

• EUR 500-2000 billion

Fill in the blanks: Tax ___(1)_____ is illegal, tax _____(2)_______ is legal, and ____(3)_____ tax is not in line with ING policy.

What do major international banks spend on financial risk compliance per year?

• Between €250 and €750 million

• Between €750 million and €1,1 billion

• Between €1,1 billion and €1,5 billion

• Between €1,5 billion and €1,9 billion

What is Smurfing in the context of Customer Activity Monitoring?

Smurfing” means

• Large number of cash deposits into same account

• one voucher for high value deposit

• low value denominations of cash

• None of the above

What suspicions can frequent cash deposits to the account of a single account followed by frequent cash withdrawals at different locations imply?

• Suspicious use of Bank/ATM Card

• Doubtful source of cash deposited at the bank

• Account owner loves to travel

• None of the above

Which famous Hollywood celebrity was recently involved in a money laundering scandal in the US?

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Why is customer activity monitoring very difficult on Bitcoins / Crypto currencies?

• Bitcoin and crypto currencies are encrypted

• Transactions are processed to fast for the bank to track and trace

• Banks only have sight on a very small part of the transaction, i.e. the bank cannot see the final destination of the payment.

• None of the above

What is FATCA (Foreign Account Task Compliance Act) about?

• Ensuring that ING consistently complies with the requirements of legislation and appropriate guidelines in the jurisdictions in which it operates

• Requiring tax authorities to obtain detailed account information for US taxpayers on an annual basis.

• Ensuring informed decision making that is consistent with ING’s Values and commitment to provide responsible financial services

Which of these graphs best reflects the global annual totals and trend of AML fines?

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