BBF AML-CFT Training
BBF AML-CFT Training Quiz
Test your knowledge on Know Your Customer (KYC) regulations and Anti-Money Laundering (AML) principles with our comprehensive quiz. This training module is essential for professionals in the financial sector to understand compliance requirements and enhance their skills in combating financial crimes.
- Learn important regulations and their implications
- Identify key processes in KYC and AML
- Improve your ability to assess risks in financial transactions
Which of the following statements is true about Know Your Customer (KYC) regulations?
KYC means Know Your Customer
It was introduced under Prevention of Money Laundering Act
KYC process includes ID card verification, face verification, document verification such as utility bills for proof of address.
Banks must comply with KYC regulations and anti-money laundering regulations to limit fraud.
All are true
Know Your Customer (KYC) regulations have been introduced in financial transactions under which of the following regulation?
Banking Companies Act
Prevention of Money Laundering Act
Reserve Bank of Fiji Act
Companies Act
Know Your Customer (KYC)/Anti-Money Laundering (AML)/CFT guidelines to prevent bank from being used, intentionally or unintentionally, by criminal elements for money laundering or terrorist financing activities, what does "C" stands in "CFT"?
Countering
Case
Current
Combating
None of these
Which of the following steps are involved in Money Laundering? 1. Placement 2. Layering 3. Integration 4. Counterfeiting
1. Only 2 and 4
2. 1,2 and 4
3. Only 3 and 4
4. Only 1,2 and 3
5. 1,2,3 and 4
Which of the following statements about The Financial Action Task Force (FATF) are correct?
FATF is an inter-governmental organization
FATF issues recommendations to fight money laundering and terrorist financing
FATF was created in 2018
What penalties can a financial institution incur for Non-compliance with the Anti-Money Laundering and Financing or Terrorism rules?
Fines
Disciplinary sanctions
Criminal penalties
Public disclosure of sanctions
Who is concerned by the reputational and image risks related to Money Laundering and Financing of Terrorism?
Only your department or unit
Only your bank
Your entire group
Only the shareholders
Before starting a business relationship, the financial institution must identify a client who is a natural person and verify that identity using written evidence. It must also know the nature and purpose of the relationship and collect any useful information.
True
False
When the client or their legal representative is not physically present for onboarding, the financial institution must NOT apply special due diligence measures.
True
False
When it is not enough to establish the persons' identity. You must also know what their business is, their income, assets, motivations and expectations, as well as any other information that is needed to build their AML/CFT risk profile.
True
False
When the financial institution is unable to obtain the customer due diligence information, it must refuse to establish the business relationship.
True
False
Politically exposed persons are individuals who are or were entrusted with prominent public functions, irrespective of their place of residence or the place where they carry out such functions.
True
False
Customer knowledge should not be reviewed and updated periodically, and as frequently as needed for the customer's risk profile.
True
False
The regulations require financial institutions to categorise their customers, their activities and the transactions they process, according to their exposure to money laundering risk with the due diligence appropriate for each profile.
True
False
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