WorksheetsUAE AML/CFT Quiz-Auditora/Accounts
Total questions: 15
Worksheet time: 8mins
Which of the following best describes the purpose of AML/CFT/CPF controls in the UAE?
To improve customer service
To prevent misuse of financial systems by criminals, terrorists, and proliferation actors
To increase company profits
To reduce operational workload
A key responsibility of auditors/accountants under UAE AML laws is to:
Approve all STR filings
Detect and report suspicious financial patterns
Conduct police investigations
Freeze accounts immediately
Which regulator oversees AML/CFT compliance for DNFBPs in the UAE?
Ministry of Finance
CBUAE
Ministry of Economy
UAE Courts
What should an auditor do if they notice inconsistent information in UBO documents?
Ignore it unless asked
Notify compliance team and consider internal STR procedures
Contact the UBO directly
Reject the client immediately
One key CPF red flag is:
Customer uses a local Emirati ID
Transactions linked to sanctioned proliferation-sensitive jurisdictions
Customer pays by card
Low-value routine purchases
A company with no physical office, low staff, and high monthly turnover most likely fits which typology?
Normal trading company
Shell company
Front company
Branch office
An auditor suspects that an entity is structuring transactions just below reporting thresholds. What is this called?
Structuring
Hedging
Diversification
Valuation
A client frequently changes ownership structure without a clear business reason. This may indicate:
Healthy business growth
Attempt to obscure UBOs
Strong internal controls
Tax planning
In the UAE, an Internal Suspicious Transaction Report (ISTR) should be submitted to:
The client
FIU directly
The MLRO/Compliance Officer
The Board only
Which factor increases ML/TF risk?
Transparent corporate governance
Complex ownership with multiple offshore layers
Simple accounting software
Limited product range
If an accountant identifies large cash deposits inconsistent with historical revenue, they should:
Accept it as normal business variance
Treat it as a potential red flag
Ignore it if the client is well-known
Delay reporting
Transactions involving multiple third-party payments unrelated to the client’s business purpose may indicate:
Outsourcing
Payroll processing
Layering stage of money laundering
Internal audit issues
UAE AML laws require accountants to apply a Risk-Based Approach (RBA), meaning:
Treating all clients identically
Applying controls based on risk level
Eliminating monitoring for low-risk clients
Investigating every transaction
A company reports high turnover but maintains very low expenses. This is commonly a sign of:
Good profit margin
Potential ML layering or false invoicing
Efficient operations
Automated processes
Which behaviour is a suspicious indicator when onboarding a corporate client?
Providing complete audited accounts
Refusing to disclose UBO information
Submitting trade licences
Offering site visits
