Anti Money Laundering and Counter Funding of Terrorism - May 2020
Anti-Money Laundering Quiz
Test your knowledge on Anti-Money Laundering and Counter Funding of Terrorism with this comprehensive quiz! Designed for professionals and anyone interested in understanding the critical aspects of AML/CFT, this quiz covers essential definitions, regulations, and practices.
- Assess your understanding of money laundering.
- Learn about customer due diligence and beneficial ownership.
- Discover the importance of identifying politically exposed persons.
What is Money Laundering? (choose one option from below)
The process by which the illegal nature of criminal proceeds is concealed or disguised in order to lend a legitimate appearance to such proceeds
The concealment of illicit funds in cash format in a secret physical location
Which one of the below activities can lead to money laundering? (choose nine options)
White collar crime
Kidnapping/asking ransom
Drug trafficking
Tax evation
Bribery
Counterfeiting and forgery
Robbery and Fraud
Smuggling
Extortion
Murder
Vandalism
Manslaughter
Slander
Indicate the three stages of money laundering (choose only one):
Placement, Layering and Integration
Treatment, Clearing, Integration
Gathering, Positioning, Integration
What is Funding of Terrorism? (choose one)
The process by which terrorist organizations or individual terrorists are funded in order to be able to carry out acts of terrorism
The act of violence against civilians or the use of arms of mass destruction
The Customer Due Diligence measures that subject persons are required to carry out are (unlimited number choice):
Identification and verification of the applicant for business
Identification and verification of the beneficial owner
Identification and verification when the applicant for business does not act as principal
Obtaining information on the purpose and intended nature of the business relationship
Establishing the source of wealth and the source of funds
Setting up of a customer acceptance policy and ensuring that the applicant for business meets the requirements set out in such policy
All of the above
None of the above
How do you identify the UBO? (choose three from the following options)
By obtaining a certified copy of the passport
By obtaining a copy of the passport and an identity card or state issued document which displays a photo of the individual
By obtaining a certified copy of the persons IDentitiy card displaying a photograph of the individual
By obtaining a gym membership displaying the photograph of the individual
By obtaining a birth certificate
By obtaining a police conduct certificate
The UBO of a company (where the company is the client) is always (choose only one):
A natural person holding or controlling directly or indirectly 25% or more of the company (where the company is the client)
A natural person holding or controlling directly or indirectly 20% or more of the company (where the company is the client)
Another company owning 25% of the shares of the client company (where the company is the client)
The holding company detaining all the shares of the company (where the company is the client)
A trust
Reference is made to the corporate structure you have been provided. The companies that are applying for an account are the ones with the pink circle, one of which is a Gaming company (Azzurro Ltd). Please ensure you: Identify the ubo/s, state which documentation you require and for which person or entity including of all corporate documentation, make sense analysis and questions you would ask..
In which scenarios must we need to carry out enhanced due diligence (EDD) (choose two options):
When the UBO is a PEP
When the client is rated as medium or high risk
When the client is registered or resident outside of Malta
The source of wealth (SOW) is (choose one):
The origins of a customer’s financial standing or total net worth
The assets purchased in a transaction
The source of funds (SOF) is (choose one):
The activity, event, business, occupation or employment from which the funds used in a particular transaction are generated
The client's property
A politically exposed person is (choose four of the below options):
A person occupying a high ranking governmental position such as a member of parliament, minister or high ranking military defense official
The mayor of a city
The president of a national sports team
The principal of an elementary school
The brother or spouse or close associate of a politician
An employee of the Local Council
If an employee comes across a suspicious transaction, a suspicious scenario, or the employee has suspicion that a client is involved in illicit activity the employee (choose one option):
Is free to choose not to report
Must report it immediately to the MLRO in order not to suffer personal legal consequences
Can tell the client that you feel something is "off"
Might discuss the matter with a partner or spouse or relative for advice
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