Bordier Bank (TCI) Ltd. Annual AML Training Quiz 2022
Bordier Bank Annual AML Training Quiz 2022
Welcome to the Bordier Bank Annual AML Training Quiz for 2022! Test your knowledge on anti-money laundering regulations and the essential compliance practices every financial institution should know.
- 10 engaging multiple choice questions
- Improve your understanding of AML policies
- Instant feedback on your answers
The potential for loss resulting from inadequate internal processes, personnel and systems are known as?
Legal risk
Operational risk
Reputational risk
Concentration risk
Corresponding banking is vulnerable to money laundering, choose the main reason why.
Corresponding banking involves indirect relationships and providing services for individuals or entities for which it has neither verified the identities nor obtained any first-hand knowledge.
Correspondent banking allow large sums funds to flow through with minimum call backs or checks to the actual parties or banking institutions. This is is seen as a major money laundering concern.
Private Investment Companies (PICs), are corporations established by individual bank customers and others in offshore jurisdictions to hold assets. PICs are also known as?
Limited Liability Company
Shelf Companies
Shell Companies
Third Party States who assist target States in circumventing sanctions are also known as?
Regulators
Conduits
Gatekeepers
Black knight
Falsified documents related to shipping routes, vessels, relevant registration, price, quality or quantity of goods are known as?
Trade Finance Schemes
Under Invoicing
Evading Taxes
There has been increased focus on sanctions. Sanctions imposed on countries such as Russia and Ukraine have directed Financial Institutions to review client acceptance policies as well as trading policies. Select the authoritative body that enforces US Economic Sanctions.
Office of Foreign Assets Control
Office of Foreign Affairs
Financial Sanctions Notices (FSN)
US Extraterritorial Policy
The mechanism by which regulators of a jurisdiction with weak sanction laws, imposing sanctions and exerting pressure on foreign persons and companies are known as?
Secondary Sanctions
Primary Sanctions
Penalties
How can Financial Institutions Mitigate OFAC Sanctions? Please select one answer.
Ensuring the Board of Directors improve sanctions policies and procedures.
Referring to Sanctions list such as the OFAC.
Internal Controls including training, auditing and risk management.
EU Companies with US touch points are required to comply with OFAC'S Sanctions.
True
False
Mr. Rogers is Russian national and a client of the bank. He recently inherited US $450,000.00 from his deceased mother. Mr. Rogers mother was a Russian national who resided in the United States.
Funds from the inheritance derived from a family owned business in Russia. Mr. Roger contacted the relationship manager and advised of the pending transfer. The relationship manager told Mr. Rogers to provide additional information to be reviewed and presented to Compliance for potential approval.
The Relationship manager proceeded by checking the Internal Sanctions Guidelines 4 points criteria issued by Compliance from head office to ensure;
1. The deceased mother did not appear on any sanctions list.
2.The bank where funds will be transferred from is not on a sanctions list.
3.Source of Fund is not from an activity under sanctios.
4. Services or sales of the goods is not from a business under sanctions.
After extensive review of the documentation, information and various sanctions list the RM confirmed the transaction met all four points in the criteria. Should the transfer be approved?
True
False
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