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Anti-Money Laundering Quiz

Total questions: 67

Worksheet time: 2hrs 9mins

Name
Class
Date
1.

Which international body is primarily responsible for setting global standards for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT)?

a)

Interpol

b)

World Bank

c)

Financial Action Task Force (FATF)

d)

International Monetary Fund (IMF)

2.

What is the primary objective of Anti-Money Laundering (AML) regulations?

4 lines
3.

What does the term "proliferation financing" refer to?

4 lines
4.

What is the main role of Suspicious Activity Reports (SARs) in the context of AML?

4 lines
5.

Which type of transaction is most likely to raise a red flag for money laundering?

a)

ATM withdraws

b)

Large cash deposits made in multiple small amounts

c)

Regular salary deposits

d)

Monthly mortgage payments

6.

What is the main focus of proliferation financing controls?

4 lines
7.

Which document sets out measures to prevent, detect, and combat the financing of terrorism and proliferation of Weapon of Mass Destructions?

a)

The Basel III Accord

b)

The Kyoto Protocol

c)

The FATF 40 Recommendations

d)

The Universal Declaration of Human Rights

8.

What is the primary purpose of the FATF's 40 Recommendations?

4 lines
9.

Which of the following areas is NOT directly covered by the FATF's 40 Recommendations?

a)

Customer due diligence

b)

International trade tariffs

c)

Beneficial ownership transparency

d)

Reporting of suspicious transactions

10.

Recommendation 16 of the FATF's 40 Recommendations specifically deals with:

4 lines
11.

According to the FATF, what is the role of financial institutions in combating money laundering and terrorist financing?

4 lines
12.

Which FATF Recommendation focuses on the need for countries to identify and assess their money laundering and terrorist financing risks?

4 lines
13.

DNFBP stand for ______________

a)

Designation non-financial businesses and professions

b)

Designated non-financial businesses and professional

c)

Designated non-financial businesses and professions

d)

Designated financial businesses and professions

14.

What is required under FATF Recommendation 11 regarding record-keeping?

4 lines
15.

Which FATF Recommendation addresses the need for countries to have effective mechanisms for international cooperation?

4 lines
16.

Which body in Nepal is primarily responsible for implementing FATF recommendations?

a)

Nepal Rastra Bank (NRB)

b)

Securities Board of Nepal (SEBON)

c)

Financial Inteligence Unit (FIU) Nepal

d)

Ministry of Finance

17.

Nepal is a member of which of the FATF's regional inter-international body ?

a)

South Asian Association for Regional Cooperation (SAARC)

b)

Asia/Pacific Group on Money Laundering (APG)

c)

World Bank International Monetary Fund (IMF)

18.

Why is it important for Nepal to comply with FATF recommendations?

4 lines
19.

What is a key requirement for financial institutions regarding politically exposed persons (PEPs) as per Directive No-19?

a)

PEPs should be offered higher interest rates

b)

Enhanced due diligence must be conducted for PEPs

c)

PEPs should be exempt from AML regulations

d)

PEPs should receive priority service

20.

What is a money mule ?

a)

A bank employee who handles cash deposits

b)

An individual who transfers illegally acquired money on behalf of others, often unwittingly

c)

A person who withdraws large sums of money from ATMs

d)

A financial advisor who manages investment portfolios

21.

Why do criminals use money mules?

4 lines
22.

Which red flag might indicate that a person is being used as a money mule?

a)

Frequent travel for business purposes

b)

Regular salary deposits from their employer

c)

Receiving multiple deposits from unknown sources followed by immediate withdrawals or transfers

d)

Making large purchases with a credit card

23.

Which stage of money laundering involves separating illicit proceeds from their source through complex financial transactions?

4 lines
24.

During which stage of money laundering do individuals typically use smurfing to avoid suspicion?

4 lines
25.

Which of the following stages of money laundering involves integrating illicit funds into the legitimate economy to obscure their illicit origins?

4 lines
26.

Pursuant to AML Policy of the Bank Hotel and motels fall under which risk ?

4 lines
27.

Pursuant to AML Policy of the Bank, High Net worth customer (for Corporate) means, customer having yearly account deposit of __________

4 lines
28.

Pursuant to AML Policy of the Bank, High Net worth customer (for Individual) means, customer having assets value declared in KYC form or yearly account deposit of __________

4 lines
29.

Pursuant to AML Policy of the Bank Benificial Owner/Controlling person of Saving and credit Cooperative are required to classify into___________

a)

High Risk

b)

Moderate Risk

c)

Low Risk

d)

1 and 2 both

30.

Pursuant to AML Policy of the Bank Local resident in the country having yearly transactions volume (i.e. debit and Credit) less than or equal to NPR 0.1 Million. Risk rating of such customer will be .

4 lines
31.

When did Nepal join the Asia Pacific Group (APG)?

a)

2000

b)

2001

c)

2002

d)

2003

32.

When was the Anti-Money (Assets) Laundering Act first amended?

a)

10 Baisakh 2068

b)

18 Ashoj 2068

c)

12 Chaitra 2070

d)

18 Jestha 2068

33.

District based NGO falles under __________risk as per AML Policy of the Bank.

4 lines
34.

Public Limited Companies listed with Nepal Stock Exchange falls under________ risk as per AML Policy of the Bank.

4 lines
35.

Pursunat to the AML policy of the Bank Unregulated charities and Companies with bearer shares falls under________ Risk category.

4 lines
36.

Who does not falls under PEPs?

a)

Deputy Inspector General of Police and above

b)

Attorney/ Deputy Attorney General

c)

Chairman and Vice Chairman of Ward

d)

Municipal Mayors and Deputy Mayors

37.

What is terrorist financing?

4 lines
38.

What category of crime is Money Laundering?

4 lines
39.

A casino manager who mixes illicit money into the cash generated at the casino is engaging in

4 lines
40.

Which of these describes a shell company

4 lines
41.

Splitting Nepalese based funds and depositing them in multiple overseas banks using multiple wire transfers consistent with which stage of money laundering.

4 lines
42.

Which of these is not true about money laundering?

4 lines
43.

What is the penalty for non-compliance of proper identification and due diligence of PEP

4 lines
44.

As a branch compliance officer/operation in charge, it is part of job

4 lines
45.

Which of these activities might require a suspicious activity reporting.

4 lines
46.

What is the maximum penalty amount for non-compliance of Beneficial owner identification mechanism in Bank?

a)

Up to 10 Million

b)

Up to 50 Million

c)

Up to 30 Million

d)

No limit

47.

What is the frequency of KYC review and update of High Risk account?

a)

Fortnight

b)

Monthly

c)

Yearly

d)

Half yearly

48.

The implementation of KYC in banks, primarily addresses which of the following risks?

a)

Legal Risk

b)

Credit Risk

c)

Money Laundering Risk

d)

Market Risk

49.

Nepal is a member of which international agency as mentioned below?

a)

Financial Action Task Force(FATF)

b)

Asia Pacific Group(APG)

c)

Financial Advisory Task Force

d)

Egmont Group

50.

As per directive issued by NRB, a blacklisted individual/entity cannot open a bank account. In which directive such provision has been made?

a)

Directive no 19

b)

Directive no 12

c)

Directive no 6

d)

Directive no 21

51.

What is the maximum penalty amount for not performing ECDD and not updating KYC information of customer?

a)

Up to 10 Million

b)

Up to 50 Million

c)

Up to 30 Million

d)

Up to 5 Million

52.

Which of the following entity does not falls on High Risk as per AML policy of the Bank?

a)

Savings and Co-operatives

b)

National level NGO, INGOs

c)

Petro Dealers

d)

Embassies/Consulates

53.

When suspicious transactions are detected, STR/SAR should be reported to the Financial Information

a)

After 3 days

b)

Within 3 days

c)

On 3rd day

d)

Within a week.

54.

What is the purpose of performing ECDD

4 lines
55.

When to apply ECDD of High Risk Customers by Bank and financial institution to their clients

4 lines
56.

To whom Bank needs perform ECDD

4 lines
57.

Who is ultimate beneficial owner of customer

4 lines
58.

What are STR triggers for Bank and financial institutions

4 lines
59.

What is the difference between Money Laundering and Terrorist Financing

4 lines
60.

Who is responsible for AML activities in the Bank

4 lines
61.

In which filed of CBS we need to mentioned KYC pending remarks

a)

Free text 6 of CRM

b)

Free text 7 of CRM

c)

Free text 8 of CRM

d)

Free text 9 of CRM

62.

Depositing cash into an account or several accounts in different locations is an example of which stage of money laundering operation?

a)

Integration

b)

Placement

c)

Layering

d)

None of them

63.

What is the full form of npm?

a)

node project manager

b)

node package manager

c)

new project manager

d)

new package manager

64.

What is the full form of REPL?

a)

Read Eval Print Loop

b)

Research Eval Program Learn

c)

Read Earn Point Learn

d)

Read Eval Point Loop

65.

What is the IP where Logs of LMS applications are stored?

a)

192.168.28.28

b)

192.168.28.20

c)

192.168.25.28

d)

192.168.26.133

66.

As per present LAFD setup, what is the maximum loan amount that can be autodisbursed by customer themselves without visiting the bank?

a)

25 lakhs per FD

b)

5 lakhs per CIF ID

c)

5 lakhs per LAFD application

d)

25 lakhs

67.

As per present LAFD setup, what can be one of the reasons of LAFD application failure?

a)

Special Characters in CIF

b)

Customer is Corporate CIF

c)

FD operating account is dormant

d)

All the options

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