Red Flags-Auditors

Red Flags-Auditors

Professional Development

20 Qs

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Red Flags-Auditors

Red Flags-Auditors

Assessment

Quiz

Professional Development

Professional Development

Practice Problem

Easy

Created by

Qamar Ak

Used 1+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A customer conducts multiple transactions below the reportable threshold over a short period. What is this activity most likely an indicator of?

Tax evasion

Structuring

Ponzi scheme

Loan fraud

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A business with little or no online presence makes frequent high-value deposits. What could this indicate?

Legitimate business expansion

Fraudulent activity

Possible money laundering

Poor accounting practices

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A customer insists on using only cash for large transactions despite having other payment options. This behavior could be a red flag for:

Tax optimization

Evasion of traceability

Genuine preference for cash

Legal tax avoidance

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following would be a red flag in a correspondent banking relationship?

The respondent bank has strict AML controls.

High volumes of transactions with no clear economic purpose.

Regular audits of the respondent bank's processes.

Limited use of offshore accounts.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A politically exposed person (PEP) opens an account and immediately transfers funds to offshore accounts. What is a potential red flag?

Ordinary financial activity

Risk of illicit fund movement

Legal transfer of assets

Standard practice for PEPs

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A customer refuses to provide proper identification for a large transaction. What should an auditor suspect?

Ignorance of compliance requirements

Possible illicit activities

Preference for privacy

Inexperience with banking procedures

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A company frequently engages in international transactions with jurisdictions known for weak AML regulations. This may indicate:

Effective business networking

High-risk activities

Lack of understanding of AML laws

Financial inefficiency

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