AML night 24

1. 1. In Singapore National Risk Assessment (NRA) for Money Laundering (ML), which are not key threats identified

• Organized Crime

• Tax Crime

• Fraud (Cyber Security enabled Fraud)

• None of the above

2. 2. CYS Global Remit Pte Ltd is a licensed major payment institution, under Money Laundering National Risk Assessment, what is the risk classification of a business like CYS

• Highest

• High

• Medium

• Low

3. 3. Which of this is a common typology of money laundering?

• Sending money for family support

• Shell Companies

• Purchasing clothing

• Investment in property overseas

4. 4. The Ultimate beneficial Owner (UBO) refers to

• The person receiving the funds

• Natural person who owns 20% share of the company

• Natural person who owns the majority or has effective control of the company

• Corporation who owns majority of the shares

5. 5. Which of the following are characteristics of a shell company?

• Incorporated in FATF high risk jurisdiction

• Lack of active business operations or significant assets

• Allow employee to work remotely

• Lack of physical prescence

6. 6. Which of the following are key areas of responsibilities of 1st line of defense?

• ID and verification of customers, beneficial owners and connected parties

• Establishing Source of Funds/ Wealth

• Establishing the purpose of account and transaction requirements

• All of the above

7. 7. Which of the following are examples of red flags?

• Payments made to high-risk jurisdictions

• Sudden unexplained changes to customer's transaction activities

• Customer venturing into a new business product

• Multiple low value payments with no apparent reasons

8. 8. Which of the following is not a CYS strategy to mitigate ML/FT threats?

• Enhanced Due Diligence

• Compliance screening for sanctioned entities and politically exposed persons

• Conducting customer review only during trigger events

• Additional research on beneficial ownership

9. 9. To whom should your internal suspicious transaction report be submitted to?

• Chief Strategy Officer

• Head of Compliance

• Reporting Officer

• Human Resource

10. 10. To ensure effective TM, strong AML/CFT culture and risk ________ should be fostered throughout the organisation

• Averse

• Awareness

• Mitigation

• Transfer