Anti-Money Laundering and Financial Crime Prevention in Financial Services Industry

What is Anti-Money Laundering (AML)?

• A process used to reduce the risk of money laundering activities

• A process used to increase the risk of money laundering activities

• A process used to detect money laundering activities

• A process used to prevent money laundering activities

What are the two main goals of AML?

• Complying with regulations and protecting against financial crime

• Educating customers and protecting against financial crime

• Detecting financial crime and protecting customer privacy

• Detecting financial crime and increasing customer satisfaction

What does Financial institutions use to identify transactions that may be suspicious?

• Know Your Transaction (KYT)

• Know Your Customer (KYC)

• Know Your Service (KYS)

• Know Your Source (KYS)

What is a financial crime?

• Any crime that results in a financial loss to a financial institution

• Any criminal activity involving a financial transaction

• Any financial transaction conducted in a criminal manner

• Any crime related to financial services

Which of the following is a type of financial crime?

• Property theft

• Embezzlement

• Blackmail

• Shoplifting

What is Money Laundering?

• Illegal methods of concealing the source of illicit money

• Legal methods of protecting against financial crime

• Illegal methods of tracking financial transactions

• Legal methods of tracking financial transactions

What are SARS?

• Suspected Activity Regulations Suspension

• Suspected Action Reports Summation

• Suspicious Activity Reports Suspension

• Suspicious Activity Reports Summation

What does an ‘inside job' involve?

• A crime committed by a third-party outsider

• A crime committed by a company's staff or officers

• A crime committed by a company's customers

• A crime committed by a customer of a staff

What does Phone Phreaking refer to?

• Breaking into telephone lines to steal money

• Breaking into telephone lines to steal information

• Breaking into telephone lines to make false calls

• Breaking into telephone lines to make free calls

In what instances is money laundering illegal?

• When it is done with the intention of tax avoidance

• When it is done with the intention of concealing criminal activity

• When it is done with the intention of avoiding compliance

• When it is done with the intention of financing terrorism