WorksheetsKYC/PMLA
Total questions: 25
Worksheet time: 25mins
In KYC area OVD stands for:
Oracle Virtual Directory
Officially valid documents
Optical Variable Device
Obsessive Vampire Disorder
Other Vowel Digraphs
What is the second stage of ML process?
Layering
Placement
Integration
Collection
FATF stands for:
Financial Action Task Force
Foreign Action Tax Force
Fraud Activity Test Facility
Foreign Automated Tax Facility
Financial institutions which do not have a physical presence. A relationship with these entities is prohibited unless they are bank affiliates with a physical presence.
Shell Corporation
Unregulated casinos
Unclicensed banks
Who among the following are low risk customers as per FATF
Multi Level Marketing Companies
Firms with Sleeping partner
Companies having close family shareholding
NGOs and NPOs owned and run by United Nations
As per PML rules 2005, All neccessary records of transactions between Bank and customer has to be maintained for a minimum of --- years from the date of transaction
Five Years
Eight Years
Ten years
Twelve years
Customer Acceptance policy is framed by?
RBI
Government
Bank
FIU-IND
In India, who issues AML guidelines?
FIU-IND
RBI
FATCA
PMLA
CRS Stands for
Common Reporting System
Common Reporting Standards
Currency Reporting Software
Counterfeit currency Reporting Software
Which of the following terms is used to describe the process of sending money through multiple financial institutions to make it difficult to track?
Placement
Layering
Integration
Segregation
As per inoperative account definition Which of the following is a customer induced transaction in an account
Crediting FD interest
ATM Charges
SB account interest
None of the above
What are the stages of money laundering which are resorted to by the launderers & insurance institutions
Integration-Layering-Placement
Layering-Placement-Integration
Placement-Layering-Integration
None of the above
FIU-IND stands for
Financial Influence Unit - IND
Financial Intellectual Unit - IND
Financial Interpret Unit - IND
Financial Intelligence Unit - IND
Money laundering is a:
Hate crime
Financial crime
Identity Theft crime
Which of the following acts does not constitute a money laundering offence?
Dealing with any property believing the property is proceeds of crime
Dealing with any property, not knowing the property is proceeds of crime
Dealing with any property, suspecting the property is proceeds of crime
None of these
KYC compliance is a mandatory exercise under the prevention of ?
Money Laundering Act, 2001
Money Laundering Act, 2002
Money Laundering Act, 2003
Money Laundering Act, 2004
What is money laundering?
Concealment of illegal assets with prior knowledge
Converting dirty money into clean money
Acquisition , use and possession of illegal assets with knowledge
Arrangements-assisting the act of money laundering
Choose three which are unusual and may need to be reported as suspicious transactions
A customer who deposits money of suspicious origins and refuses to answer questions from the financial institution’s staff
A customer who tries to move money that is suspected of being derived from criminal activity
A customer who owns a large supermarket and deposits large amounts of cash several times a day.
A customer whose account is showing transaction activities which are beyond his known financial capability
The risk-based approach to money laundering includes?
Organization risk assessment
Customer risk assessment
Both
Neither
Which of the following is not an example of a suspicious transaction?
Unusual instructions from a client
Invoice payment discrepancies
Large dividend payments
Suspected price fixing
Which of the following answers is the best definition of a suspicious transaction?
A transaction that is unusually complex
A transaction that is inconsistently large
A transaction that is unusually large
A transaction that is inconsistent with the client's known legitimate business, personal activities, or type of client
Which of the following may be an indicator of money laundering?
Paying by credit card
Expensive policies being taken out and then cancelled
Insurance being taken out on property
Money being withdrawn from different cash machines
For the money laundering process to be a success,transactions such as currency exchange,wire transfers,and money orders need to be complimented with any paper trail
TRUE
FALSE
To which organisation a suspicious transaction report should be made?
Narcotics Division, Security Bureau
Hong Kong Monetary Authority
Joint Financial Intelligence Unit
Identify below the money laundering process which splits illegal monies upon receipt from the criminal, disguises the audit trail and breaking connections with the criminal offence; giving the impression of a legitimate financial transaction ?
Integration
Layering
Washing
Depositing
Placement
