Podcast Beta
Questions and Answers
One of the consequences of non-compliance with anti money laundering legislation is the imposition of penalties such as imprisonment.
True
Revocation of licenses and permits is not a possible consequence of failing to comply with AML laws.
False
Reputational damage due to non-compliance with AML regulations does not affect customers' trust in a company.
False
Seizing and forfeiting assets is not a potential consequence for individuals or businesses involved in money laundering or terrorist financing.
Signup and view all the answers
The supervisory authority may only require gatekeepers to take corrective action in case of non-compliance with AML laws.
Signup and view all the answers
According to AML regulations, customers should be allowed to vet their own meat.
Signup and view all the answers
Bankers, accountants, notaries, lawyers, and real estate agents are not considered gatekeepers of the financial system in the context of anti-money laundering (AML).
Signup and view all the answers
Gatekeepers are not required to conduct Customer Due Diligence (CDD), which involves verifying the identity of their clients and understanding the normal and expected transactions of that client.
Signup and view all the answers
Gatekeepers are not able to monitor transactions, verify the identity of their clients, and report unusual or suspicious activity to the Financial Intelligence Unit.
Signup and view all the answers
The consequences of failing to comply with anti-money laundering legislation as a gatekeeper can only be civil in nature, and not criminal.
Signup and view all the answers
Gatekeepers are not required to comply with anti-money laundering laws and regulations in many jurisdictions.
Signup and view all the answers
