Anti-Money Laundering Legislation and KYC Quiz

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What action did the UK take in 2013 regarding its financial regulatory body?

Introduced the Banking Executive Accountability Regime

Introduced the Financial Conduct Authority

Abolished the Financial Services Authority (correct)

Imposed fines on banks

Which country introduced the Senior Manager's Regime in 2016?

Australia

UK (correct)

Singapore

Hong Kong

How much did Goldman Sachs pay in 2016 to settle its misselling activities?

$5.1 billion (correct)

$13 billion

$17 billion

$7 billion

Which bank paid the highest amount in fines for mis-selling mortgage-backed securities?

Bank of America Signup and view all the answers

In which year did Deutsche Bank settle with the US Justice Department for $7.2 billion?

2017 Signup and view all the answers

Which country introduced the Banking Executive Accountability Regime in 2017?

Australia Signup and view all the answers

What is the main focus of anti-money laundering legislation mentioned in the text?

Preventing money laundering in banks Signup and view all the answers

In the context of KYC, what does due diligence require bankers to do?

Authenticate and record prospective customers' identities Signup and view all the answers

Which popular TV show tells the story of a character who turns to methamphetamine manufacturing to cover medical expenses?

Breaking Bad Signup and view all the answers

What financial institution was highlighted for its involvement in money laundering for drug cartels in the text?

HSBC Signup and view all the answers

Which event prompted legislators to impose new laws focusing on terrorism financing and money laundering?

The 9/11 terrorist attacks Signup and view all the answers

What major acquisition did HSBC make in 2002 that tied it to regions known for drug production?

Acquiring Grupo Financiero Bital with a presence in Sinaloa, Mexico Signup and view all the answers

What is the primary goal of money laundering?

To make illegal money appear legitimate Signup and view all the answers

Why did the US government push for anti-money laundering legislation post the 9/11 attacks?

To prevent terrorism financing and illicit money flow Signup and view all the answers

How did bank lobbyists view anti-money laundering legislation before the 9/11 attacks?

As an imposition of unreasonable costs on businesses Signup and view all the answers

What contribution did William Black make to understanding internal fraud in banks?

He highlighted the scale and impact of internal fraud on banks Signup and view all the answers

What is one common responsibility of a compliance officer mentioned in the text?

Monitoring both internal and external fraudulent activities Signup and view all the answers

How did the Savings & Loan crisis contribute to understanding internal fraud?

It highlighted the prevalence of general ledger fraud in banks Signup and view all the answers