Anti Money Laundering

What is the correct order of the stages of money laundering?

• Integration, layering, placement

• Placement, integration, layering

• Placement, layering, integration

• Layering, integration, placement

Why are cash intensive businesses at a higher risk of money laundering?

• People involved in cash intensive businesses are more likely to be criminals

• It is harder to understand the nature of cash intensive businesses

• Cash intensive businesses are easier to set up

• Criminal cash can easily be disguised as legitimate takings

What may be considered red flags when reviewing member's transactions?

• There is a sudden increase in small credit amounts to client account that are immediately transferred in one large amount to a third party

• Unexplained payments to a high-risk country

• The member sends you an updated authorised signatory list

• The member is not able to provide a reasonable explanation for a new activity

What documentation do you need to see to identify the source of funds?

• The member's identity

• Proof of winning from the casino

• Evidence of tax compliance

• Screenshot of a conversation with member's family member

If you form a suspicion, when must a report be made to the MLRO?

• Within one hour

• Within 24 hours

• Next week

• As soon as possible