AML Compliance Quiz-IT

Which of the following is NOT a predicate offence to money laundering under UAE law?

• Tax evasion

• Insider trading

• Environmental crime

• Bankruptcy

What is the primary role of the Financial Intelligence Unit (FIU)?

• Conduct criminal investigations

• Prosecute financial criminals

• Receive and analyze suspicious transaction reports

• Supervise financial institutions

Which sector is now facing stricter AML/CFT regulations due to emerging risks?

• Agriculture

• Real estate

• Virtual assets and fintech

• Education

Which of these best defines a Politically Exposed Person (PEP)?

• Any person with a large amount of money

• An individual holding a prominent public function

• A person under investigation

• A high-risk customer based on occupation

What kind of system is recommended for screening PEPs?

• Manual reports only

• Automated screening systems

• In-person verification

• None required

What risk does cloud computing introduce to AML systems?

• Higher transaction fees

• Improved system performance

• Data breaches and unauthorized access

• Reduced data redundancy

The UAE has how many Free Trade Zones (FTZs)?

• 5

• 12

• 24

• More than 37

Which of the following IT risks is associated with AI and Machine Learning?

• Only helps compliance

• Cannot be used in AML

• Can be used to create sophisticated fraud

• Eliminates all fraud risks

In GRC, what does ‘G’ stand for?

• Governance

• Guidance

• General Practice

• Government

What should an institution do before establishing a relationship with a PEP?

• Get external legal advice

• Perform internal audit

• Obtain senior management approval

• Notify the FIU