Reviewer Training

Create an engaging and informative illustration depicting an auditor reviewing compliance documents in a Western Union location, emphasizing professionalism and attention to detail.

Western Union Reviewer Training Quiz

Test your knowledge and understanding of the auditing processes for Western Union locations. This quiz is designed to ensure that you are aware of the essential procedures and documentation requirements necessary for effective audits.

Key Topics Covered:

Audit Procedures
KYC Requirements
Suspicious Transactions
Enhanced Due Diligence

44 Questions11 MinutesCreated by CheckingSeal712

Which of the following should you audit in Western Union locations?

What should you check in the Western Union location before proceeding to the location review?

Business Permit

Certificate of Registration

BSP Plate/sticker

BIR Certificate

Why does Western Union need to audit their locations?

What BSP documents should you check that should be visibly displayed in the location?

US$ Payout and Business Registration

Certificate of registration and BSP Plate/sticker

Anti-fraud material

When checking the ID, what should you look out for?

ID name matches form, birthday matches form, ID has photo

ID name matches the form, address matches form, has photo, not expired

ID name matches form, address matches form, ID has photo

SCENARIO: Sender provided an ID but the name on the ID does not match the name in the form because she recently got married. What should the FLA do?

Ask for document of proof of marriage

Escalate to Compliance Officer

Refuse transaction

What is LPMT?

Procedure that requires a Politically Exposed Person to provide source of funds

Procedure that requires a flipped transactor to verify relationship with sender/receiver

Procedure that requires customer to provide documents explaining why they are transferring a large amount and the source of the money

What is the LPMT threshold/limit if you are sending from Manila?

Equivalent of USD 15,000

Equivalent of USD 10,000

Equivalent of USD 7,500

Which of the following states are covered in the Southwest Border states?

Florida, New York, New Jersey, California

Arizona, Texas, California, New Mexico

Florida, Arizona, California, New Jersey

What should FLA do when they encounter LPMT? What is the process?

Complete LPMT form, Escalate to Compliance Officer

Complete LPMT form, Obtain supporting documents from consumer, Fax/email Western Union Call Centre for approval

Complete LPMT form, accept transaction

What is terrorist financing?

Financing to support political campaigns

Financing to support child trafficking

Financing to support terrorist activities

What is the standard KYC procedure?

Customer provide information to the FLA and presents valid ID, FLA checks form and verifies identity against ID presented, FLA processes transaction, FLA prints a ACR, ask customer to sign the ACR and FLA keeps a copy of ACR and valid ID presented

Customer fills form and presents 1x1 picture, FLA checks form and verifies identity against ID presented, FLA processes transaction, FLA keeps a copy of all forms

Customer provides a photo-bearing ID, FLA processes transaction, FLA prints a copy of ACR

What are NOT suspicious transactions?

Transaction where client is not properly identified

Transaction that looks like customer is avoiding being the subject of reporting requirements

Transaction done late at night

What is the ECDD/Enhanced Due Diligence procedure for suspicious transactions?

Request customer to provide birth certificate, Know and verify purpose of transaction, Proceed with transaction

Know and verify purpose of transaction, relationship between sender and receiver, Escalate to Agent’s Compliance Officer if cannot establish legitimacy of transaction

Know and verify purpose of transaction, Proceed with transaction

What should FLA do if after conducting ECDD, transaction is disapproved by the compliance officer?

Request customer to come back another day

Refuse/cancel transaction, Call WU head office

What is money laundering?

Reusing money obtained in illegal means through legal ways

Using a credit card that is not yours

Financing to support political campaigns

What is a split transaction?

Transaction where the sender sends multiple transactions on the same business day to one or many consumers without providing necessary explanations

Transaction where a receiver receives money and turns around the same amount immediately to send to another person

Transactions made on different days from same sender that when added up are just below reporting threshold

What is a flipped transaction?

Transaction where the sender sends multiple transactions on the same business day to one or many consumers without providing necessary explanations

Transaction where a receiver receives money and turns around the same amount immediately to send to another person

Transactions made on different days from same sender that when added up are just below reporting threshold

What is an example of an illegal split transaction?

Sender sends 15 transactions to different receivers in one business day because he works in the payroll department of a company and is able to provide proof

Sender sends 10 transactions to a friend so that they don’t have to pay large transaction fees

Sender sends 5 transactions that when summed up amounts to P500,000 with no explanations

What is an example of an illegal flipped transaction?

Receiving money from 5 different senders and immediately sending to 5 different persons unrelated to them

Receiving money from a relative abroad and immediately sending to a family member in Mindanao

Receiving money from your sister in Manila and immediately sending to your son in Dubai

Which of the following is NOT a consumer fraud?

A person suddenly called your grandparent saying that a family member has been caught in a very bad accident, in the hospital, needs to be treated and asking for money for the operation.

Someone sent a cheque with an amount exceeding the expenses, and s/he asked to return the excess

A daughter studying in another province called asking for additional allowance because she needs to buy materials for a new project

An employer called you for a home-based job. But to be able to start on the home-based job you need to buy a set of equipment worth $500. You need to send the money thru Western Union.

What is the required procedure in ECDD/Enhanced Due Diligence for split/flipped transactions?

Request customer to provide birth certificate, Know and verify purpose of transaction, Proceed with transaction

Know and verify purpose of transaction, relationship between sender and receiver, Escalate to Agent’s Compliance Officer if cannot establish legitimacy of transaction

Know and verify purpose of transaction, Proceed with transaction

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