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Question No 1: Which one of the following statements is correct in respect of the FATF 40 Recommedations which state that countries should: A. Not allow bearer shares and legal persons that are able to issue bearer shares B. Gather statistics on STRs, prosecutions and convictions, on property frozen, seized, and confiscated; and on mutual legal assistance, but not necessarily on other international requests for cooperation C. Consider the feasibility of a system where banks and other financial institutions and intermediaries would report currency transactions without indicating a minimum fixed amount D. Not approve the establishment or accept the continued operation of shell banks Answer: D
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Question No 2: Among the Principles for Information Exchange Between Financial Intelligence Units for Money Laundering Cases, issued by the Egmont Group on June 13, 2001, we find which of the following: A. Information sharing agreements must follow the model issued by the Egmont Group B. Information which is shared under these agreements will be exempt from the local privacy laws of the countries involved C. Information exchanged between FIUs may be used only for the specific purposed for which the information was sought or provided D. The requesting FIU may make use of the information shared by a disclosing FIU for administrative purposes without the prior consent of the disclosing FIU Answer: D
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Question No 3: In which stage of money laundering would you classify depositing small amounts of cash into several related accounts? A. Integration B. Structuring C. Placement D. Construction
Answer: C
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Question No 4: In which stage of money laundering would you classify the use of laundered funds to purchase high value assets and luxury items? A. Integration B. Structuring C. Placement D. Construction
Answer: A
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Question No 5: The tactic in which individuals make multiple deposits in small quantities to avoid detection is called: A. Paralleling B. Integration C. Investing D. Structuring Answer: D
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Question No 6: In most laws criminalizing money laundering it is stated that:
A. Financial institutional are not responsible for money laundering or suspicious transactions taking place within their accounts until the government places the customer on a watch list B. Informing customers that their accounts and/or transactions are the subject of an AML investigation is not punishable C. The dirty money undergoing money laundering will not be confiscated because of privacy laws D. It is required that the institution identifies the beneficial owner(s) of the account Answer: D
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Question No 7: In which case might a SAR NOT be necessary? A. A customer who deposits money of suspicious origins and refuses to answer questions from the financial institutions staff B. A customer who tries to move money that is suspected of being derived from criminal activity C. A customer who owns a large supermarket and deposit large amounts of cash several times a day D. A customer whose account is showing transaction activities which are beyond his known financial capability
Answer: C
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Question No 8 As part of their role in fighting money laundering, financial institutions should: A. Designate a compliance officer B. Depend solely on The State's staff for combating money laundering C. Refuse small cash deposits under the reporting threshold D. Not open accounts for people from high risk jurisdictions Answer: A
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Question No 9: What is willful blindness defined as? A. Failing to file a SAR for dealing with companies or financial institutions from offshore tax havens B. Not following customer identification procedures as set out in the organization's procedures C. Deliberate avoidance of knowledge of the facts or ignoring obvious money laundering red flags D. Deliberate avoidance of a customer based on the assumption that his or her behavior suggested as a potential threat as money launderer and/or terrorist
Answer: C
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Question No 10: In anti-money laundering terminology a "red flag is: A. A warning sign indicating potentially suspicious, risky transactions or activities B. A general banking term used once the balance is negative/overdue C. The standard flag of countries not cooperative in fighting money laundering and terrorist financing D. An indicator that a customer is listed on an economic sanction list
Answer: A
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