Professional Money Laundering

What is Third Party Money laundering?

• Laundering of proceeds by a person who was involved in the commission of the predicate offence

• Laundering of proceeds by a person who was not involved in the commission of the predicate offence

• Laundering by Money relatives of criminals

• Laundering by PEPS

Which of the following are characteristics of PML? Choose three

• Professionals who Specialize in avoiding the safeguards laid down by governments to prevent the act of money laundering and terrorism financing

• Complicit professionals are involved for their expertise about the subject and knowledge about the entire organizational system.

• •PMLs are NOT aware that funds being moved are illicit

• Provision of ML services in exchange for a commission, fee or other type of profit

Why is it required to investigate PMLs along with self-launderers?(Which three statements are true?

• PMLs, themselves, pose a threat to the financial system, as they facilitate money laundering and criminality more broadly, profiting from these illegal activities

• PMLs are unaffected by action against self-launderers and are always ready to take on the next client

• The dismantling of PMLs, can impact the operations of their criminal clients, and can be an effective intervention strategy against numerous criminal targets

• FATF’s mutual evaluations reveal that many countries are investigating and prosecuting a range of money laundering activity, including third-party or complex money laundering

Commissions/Fees payable to PMLs-Depends upon... (Choose three that are correct)

• •Level of risk that PMLs assume

• the reputation of the client

• the total amount of funds laundered

• Speed of transaction

Which is NOT a method of advertising or Marketing of PML services(Choose one)

• Posted advertisements for PML services on the Dark Web

• Word-of-mouth

• Newspaper or TV advertisements

• Criminal links and trust developed through previous criminal engagement

What are the three categories of PML?

• Individuals

• PMLOs

• PEPs

• PMLNs

What are the specialized services and business models of PMLs? (choose three)

• registering and maintaining shell companies

• comingling legal and illegal proceeds

• Performing audits

• indirectly purchasing and holding assets

Which of the following roles and functions of PML is involved in Moving Funds from one location to another? Choose one

• Leading and controlling

• Maintaining infrastructure

• Managing transportation

• Transmitting

Illicit funds are never generated through bank accounts. They are always generated in Cash . True or false

• True

• False