Obligation of Money Service Operation in Anti-Money Laundering
Anti-Money Laundering Quiz for Money Service Operators
Test your knowledge on the legal obligations for Money Service Operations (MSOs) regarding Anti-Money Laundering (AML) practices. This quiz covers essential topics that every MSO should know to comply with AML regulations.
- Understand the legal obligations of MSOs
- Learn about the money laundering process
- Assess your KYC knowledge
- Identify penalties for non-compliance
1. What is/are the legal obligation(s) of MSO?
A. Follow all the procedures and measures written by Money Laundering Reporting Officer
B. Being satisfied that AML and CFT systems are capable of addressing the ML/TF identified risks
C. Assist customer in remittance without internal screening
D. Provide AML/CFT training to employers who are directly dealing with the public Only
2. What is the correct sequence for the common stages in the laundering of money?
A. Integration, Placement, Layering
B. Placement, Integration, Layering
C. Placement, Layering, Integration
D. None of the above
3. Which of the following(s) is/are the process of KYC?
A. Verify customer’s identity
B. Understand the nature of the customer’s activity
C. Assess ML risks associated with that customer for purpose of monitoring the customer’s activities
D. All of the above
4. If there is a person purports to act on behalf of the customer, the MSO should …
A. Verify the person’s authority to act on behalf of the customer
B. Identify the person and take reasonable measures to verify the person’s identity
C. All of the above
D. None of the above
5. What should MSO do if they know or suspect their customer may involve in ML/TF activity?
A. Inform customer immediately
B. Advise customer during investigation process
C. Update investigation progress to customer
D. Submit Suspicious Transaction Report to JFIU
6. What is/are the possible penalty(s) faced by MSO if they failed to report the suspicious transaction activities?
A. Fine and imprisonment
B. No penalty
C. Fine
D. Imprisonment
7. What kind(s) of information should be filed in Local Management Office regrading to customer’s profile?
A. CDD profile
B. Transaction records
C. The Original or copy of the document and records obtained in the process of verifying customer’s profile and the result of any analysis undertaken
D. All of the above
8. What is/are the maximum penalty(s) of Tipping Off?
A. Fine and imprisonment
B. Fine
C. Imprisonment
D. No penalty
9. Which of the following is included in the concept “SAFE” recommended by JFIU for suspicious transaction identification?
A. Find customer and inform them about the investigation process
B. Simplify the transaction process
C. Ask the customer appropriate questions
D. Explain to customer why their transaction is considered as suspicious
10. What is/are the example(s) of Potential Money Laundering(ML) Case?
A. Involving large volume and frequent payments in invoices or business documents and claim as business profits
B. Bank in large volume cash
C. Buy chips in casino and gambling with small amount, then cash out
D. All of the above
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