Financial Intelligence Unit (FIU) Quiz

Suspicious transactions = Transactions related to crime Unusual transactions = Transactions not fitting client profile Egmont Group = Connects over 165 FIUs worldwide Financial Action Task Force (FATF) = Sets recommendations for countries

FIU = Analyze unusual transactions Police = Receive suspicious transaction information National prosecutors = Receive suspicious transaction information International FIUs = Receive suspicious transaction information

Countries obligated reportable companies to report unusual transactions to FIU = Netherlands Countries where suspicious transactions must be reported to FIU = Worldwide Countries that cooperate through the Egmont Group = Over 165 FIUs worldwide Countries must adhere to FATF recommendations = Participating FIU countries

<p>FIUs cooperate among themselves within the Egmont Group = Exchange information intergovernmentally Egmont Group platform developed for FIUs = Exchange information securely and efficiently Recommendations of FATF that countries must follow = Monitor compliance regularly Participating FIU countries committed to follow FATF recommendations = Monitor each other regularly</p> Signup and view all the answers

<p>FIU analyzing transactions to classify them as suspicious = Disseminate information if deemed suspicious Receiving suspicious transaction information by police = Possible dissemination of information by FIU Receiving suspicious transaction information by national prosecutors = Possible dissemination of information by FIU Receiving suspicious transaction information by international FIUs = Possible dissemination of information by FIU</p> Signup and view all the answers

<p>FIUs cooperate without government intervention = Egmont Group Ensuring efficient and secure information flow between FIUs = Purpose of Egmont Group platform Setting recommendations for countries regarding financial actions = Financial Action Task Force (FATF) Monitoring compliance with FATF recommendations among countries = Participating FIU countries</p> Signup and view all the answers

<p>Failure to report a complete transaction = Financial institution is notified of rejection Suspicious transaction reported correctly = Financial institution receives Confirmation of Receipt Unusual transaction declared suspicious by FIU = Further investigation by appropriate police unit Financial institution does not receive Confirmation of Receipt = Action must be taken again</p> Signup and view all the answers

<p>Police system = Lists persons and entities in ongoing police investigations Central Judicial Collection Agency = Collects fines and claims from the police National Public Prosecutor = Requests information about a criminal case for filing International FIU network = Requests information and exchanges data</p> Signup and view all the answers

<p>FIU report showing client has funds = Initiate further pursuit to collect money National Public Prosecutor request = Matches with financial intelligence unit's data for information request Request for information from international FIU network = Matches and exchanges information FIU launches an investigation = Analysts declare unusual transactions suspicious</p> Signup and view all the answers

<p>Within 14 days = Financial institution receives Dissemination notification Longer timeframe needed = FIU conducts its own investigation Immediate action taken after notification = Forward notification to FIU in good order Notification of rejected report sent out = Seen as a violation of anti money laundering act</p> Signup and view all the answers

<p>GO AML portal = System designed to report financial transactions to FIU's Anti Money Laundering obligated financial institutions = Parties required to report to FIU under anti money laundering act Confirmation of Receipt = Received by financial institution for correctly reported suspicious transaction Dissemination notification = Sent by FIU after launching an investigation on unusual transactions</p> Signup and view all the answers