62 Questions
Which regulatory body in Singapore issues AML Notices and Guidance?
Monetary Authority of Singapore
What is the purpose of Customer Due Diligence?
To mitigate money laundering and terrorist financing risks
Which organization is responsible for promoting financial stability and enacting anti-money laundering and counterterrorist financing regulations in Singapore?
MAS
Which industry is not covered by MAS regulations and guidance?
Telecommunication companies
What does PEP stand for in the context of anti-money laundering?
Politically Exposed Person
Which Act entrusts MAS with the responsibility to promote financial stability and enact AML and CFT regulations in Singapore?
Monetary Authority of Singapore (Amendment) Act 2013
What is the duration of the ACAMS Singapore AML Regime Exam?
90 minutes
What do the CAMS and CGSS designations signify?
Specialized knowledge in anti-money laundering
Which document provides guidelines for the prevention of money laundering and countering the financing of terrorism in Singapore?
MAS 626 Guidelines
Which Act in Singapore relates to suspicious transaction reporting?
Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act
Which set of guidelines sets out the industry best practices for preventing money laundering and countering terrorism financing in Singapore?
ABS Guidelines
Which Act in Singapore relates to suspicious transaction reporting?
Anti-Money Laundering and Countering the Financing of Terrorism Act
What does PEP stand for in the context of anti-money laundering?
Politically Exposed Person
Which regulatory body in Singapore issues AML Notices and Guidance?
Monetary Authority of Singapore
Which regulatory framework is applied in Singapore by the Monetary Authority of Singapore (MAS)?
MAS 626 Guidelines
Which acronym refers to the Financial Action Task Force?
FATF
Which organization is responsible for issuing AML Notices and Guidance in Singapore?
MAS
Which organization is responsible for promoting financial stability and enacting anti-money laundering and counterterrorist financing regulations in Singapore?
MAS
What does UBO stand for in the context of anti-money laundering?
Ultimate Beneficial Owner
What is the purpose of Customer Due Diligence?
To verify the identity of customers
Which Act in Singapore relates to suspicious transaction reporting?
Monetary Authority of Singapore Act
Which industry is covered by MAS regulations and guidance?
Banking
What is the main objective of MAS?
To promote sustained economic growth
What is the role of SWIFT in the Singapore AML Regime?
To provide telecommunications infrastructure
Which institutions are covered by the Singapore AML regulations?
Financial institutions and capital market intermediaries
What is the purpose of the MAS 626 Notice?
To prevent money laundering and counter the financing of terrorism
Which document provides guidelines for AML/CFT transaction monitoring controls?
MAS 626 Guidelines
Which industry association in Singapore has published guidelines on AML and CFT?
Association of Banks in Singapore (ABS)
Which Act in Singapore is related to suspicious transaction reporting?
Terrorism (Suppression of Financing) Act
Where can the MAS 626 Notice and Guidelines be found?
MAS website
Which organization issued the first Guidelines on anti-money laundering and countering the financing of terrorism in Singapore?
Association of Banks in Singapore (ABS)
Which banks and institutions do the ABS Guidelines apply to?
ABS member banks and institutions
What should foreign branches and subsidiaries of Singapore-incorporated banks do if the laws of their foreign jurisdictions differ or conflict with the ABS Guidelines?
Comply with the more rigorous of the two
Which of the following is NOT one of the stages of money laundering?
Distancing
What is the definition of money laundering?
The process criminals use to conceal the origin and ownership of drug trafficking proceeds.
What is the definition of financing of terrorism?
The solicitation, collection, or provision of funds with the intention to support terrorist acts or organizations.
Which institutions are at a higher risk of facilitating the layering stage of money laundering?
Wire transfer services
Which Act in Singapore defines distinct predicate offences?
Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (Cap 65A) (CDSA)
Which section of the ABS Anti-Money Laundering Principles for Investment and Commercial Banks provides guidelines for walk-in customers and non-face-to-face banking relationships?
Section 1.4
Which organization developed the ABS Anti-Money Laundering Principles for Retail Banks?
Association of Banks in Singapore (ABS)
Which organization is responsible for issuing AML Notices and Guidance in Singapore?
The Monetary Authority of Singapore (MAS)
Which Act in Singapore defines distinct predicate offences?
The Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA)
Which section of the ABS Anti-Money Laundering Principles for Investment and Commercial Banks provides guidelines for walk-in customers and non-face-to-face banking relationships?
The section on Customer Due Diligence
Which of the following is NOT one of the stages of money laundering?
Distancing
What is the definition of terrorist financing?
The solicitation, collection or provision of funds with the intention that they may be used to support terrorist acts or organizations
Which banking institution is mainly affected by the placement stage of money laundering?
Retail banking
Which organization is responsible for issuing AML Notices and Guidance in Singapore?
Monetary Authority of Singapore (MAS)
Which Act in Singapore defines the four distinct predicate offences related to corruption, drug trafficking, and other serious crimes?
Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (Cap 65A) (CDSA)
Which Act in Singapore is related to countering the financing of terrorism?
Terrorism (Suppression of Financing) Act (Cap 325) (TSOFA)
Which section of the ABS Anti-Money Laundering Principles for Investment and Commercial Banks provides guidelines for walk-in customers and non-face-to-face banking relationships?
Practices for Walk-In Customers and Non-Face-to-Face Banking Relationships
What is the main objective of the Monetary Authority of Singapore (MAS)?
To promote financial stability and enact AML and CFT regulations in Singapore
Which organization issued the first Guidelines on Anti-Money Laundering and Countering the Financing of Terrorism in Singapore?
Association of Banks in Singapore (ABS)
Which industry is covered by the ABS Guidelines on Anti-Money Laundering and Countering the Financing of Terrorism?
Banking industry
Which banks are required to comply with the ABS Guidelines on Anti-Money Laundering and Countering the Financing of Terrorism?
Foreign branches and subsidiaries of Singapore-incorporated banks
What are the 3 stages of money laundering?
Placement, Layering, Integration
Which stage of money laundering involves creating complex layers of financial transactions to disguise the audit trail?
Layering
What is the International Monetary Fund's definition of terrorist financing?
The solicitation, collection or provision of funds with the intention that they may be used to support terrorist acts or organizations
Which institutions are generally used in the integration stage of money laundering?
Private banks and investment banks
Which Act in Singapore defines distinct predicate offences?
Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (Cap 65A) (CDSA)
What is the purpose of Customer Due Diligence?
To verify the identity of customers and assess their risk profile
Which organization developed the ABS Anti-Money Laundering Principles for Retail Banks?
Association of Banks in Singapore (ABS)
What should foreign branches and subsidiaries of Singapore-incorporated banks do if the laws of their foreign jurisdictions differ or conflict with the ABS Guidelines?
Seek guidance from the Monetary Authority of Singapore (MAS)
Take the ACAMS Singapore AML Regime Exam to test your knowledge of the AML regulations in Singapore. This 90-minute exam consists of 40 multiple choice and multiple response questions, covering topics such as memory recall and case-study scenarios. Accredited by the Institute of Banking and Finance Singapore, this exam is available in English.
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