
AML Regulations Quiz
Authored by Qamar Ak
Professional Development
Professional Development
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary purpose of AML regulations?
To prevent the selling of fake gold
To prevent the financing of criminal activities through the financial system
To ensure customers are satisfied with their purchases
To regulate the prices of precious metals
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is "money laundering"?
The process of converting legal money into gold
The process of hiding the origins of illegally obtained money
The act of depositing cash in small amounts to avoid taxes
The legitimate trading of precious metals across borders
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following transactions would raise a red flag for potential money laundering?
A regular customer purchasing a small gold necklace
A new customer purchasing a high-value gold item with cash
A customer buying a gold bracelet using a credit card
A frequent customer making a purchase under $100
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to AML/CFT regulations, what is the threshold for reporting suspicious transactions?
£1,000
£5,000
£10,000
£15,000
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is "structuring" in the context of money laundering?
Legally structuring a business to sell gold and jewellery
Dividing large transactions into smaller ones to avoid reporting requirements
Organizing payments through proper invoicing
Structuring a purchase through a financing option
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When must you perform Customer Due Diligence (CDD) on a client?
Only when the customer pays in cash
Only for transactions exceeding £10,000
For every transaction, regardless of value
When there is suspicion of money laundering, regardless of the transaction amount
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following documents is NOT typically acceptable for verifying a customer's identity?
Passport
National ID card
Utility bill
Credit card
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