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WorksheetsAML/CFT2018
Total questions: 15
Worksheet time: 5mins
Name
Class
Date
1.
Who is a PEP?
a)
Senior political office holders
b)
All of the Above
c)
Heads of State or Government
d)
Senior executives of governments or public corporations
2.
Know Your Customer involves much more than Identification and Verification. It involves knowing and/or understanding the following about the customer?
a)
All of the Above
b)
Occupation & Product/Service needs
c)
Source and nature of funds or wealth
d)
Date of Birth & Nationality
3.
All of the following can be used for address verification except?
a)
Notarised recent bank statement
b)
Recent utility bill/receipt
c)
International Passport
d)
Evidence of physical address visitation
4.
The rules governing money laundering are only concerned with the source and not destination of funds?
a)
true
b)
false
5.
One the following is not an example of high risk customers
a)
Regulated Financial Institutions
b)
Car Dealers
c)
Bureau de change
d)
Politically Exposed Persons
6.
Transaction records must be kept for
a)
at least 2 years after the transaction date
b)
at least 10 years after the transaction date
c)
at least 5 years after the transaction date
d)
None of the options here
7.
The main difference between terrorist financing and money laundering is that with regard to terrorist financing, the funding can come from either illegal or legal activities whereas with money laundering the origin of the funds is always from criminal activities
a)
false
b)
True
8.
In which case might a suspicious transaction report not be required?
a)
A customer whose account is showing transaction activity beyond his/her known financial capability
b)
A customer who deposits money of suspicious origins and refuses to provide additional information when asked by his relationship manager.
c)
All of the above
d)
A customer who owns a large supermarket and deposits large amounts several times a day
9.
Which of the following activities would you regard as a red flag?
a)
A customer cancels /amends a transaction so as to avoid reporting thresholds.
b)
All of the above
c)
A customer is nervous and asks many questions about the reporting procedure
d)
A customer deposits an unusually large amount of cash and is unable to explain the source of funds
10.
Transfer of illicit funds through numerous accounts is an example of what stage in money laundering?
a)
Channeling
b)
Layering
c)
Placement
d)
Funding
11.
Which of the following warrants suspicion of money laundering?
a)
Accounts opened by an individual into which deposits are made that equal the expected income of the customer
b)
Accounts opened in the name of a PEP
c)
Large cash withdrawal on a newly reactivated account
d)
Accounts opened in the name of a minor or student
12.
Which of the following may indicate the integration stage of money laundering?
a)
A customer who makes several deposits
b)
A customer who requests to open a savings account
c)
A customer who purchases a bank draft with a cheque from his account with another bank
d)
A customer who uses both laundered and legitimate funds to purchase long term investment
13.
All of the following are examples of criminal activities that lead to Money Laundering except?
a)
Structuring
b)
Market manipulation
c)
Tax evasion
d)
Fraud and Forgery
14.
All but one of the following is a regulatory form of identification?
a)
National I.D. Card
b)
Staff ID Card
c)
International Passport
d)
Voters Card
15.
If an account officer does not report an activity that is deemed suspicious and related to money laundering, ...
a)
The account officer could be liable for prosecution
b)
The bank could be sanctioned
c)
The Bank can suffer reputational damage
d)
All of the above
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